Exhibit 4.1

	
	VEDTÆGTER      ARTICLES OF ASSOCIATION
ZEALAND PHARMA A/S   ZEALAND PHARMA A/S





	
	2







VEDTÆGTER                                                                                     ARTICLES OF ASSOCIATION
ZEALAND PHARMA A/S
(CVR-nr.: 20 04 50 78)
ZEALAND PHARMA A/S
(CVR no.: 20 04 50 78)




1         Navn


1.1     Selskabets   navn   er   Zealand   Pharma

A/S.
Name


The     Company's     name     is     Zealand

Pharma A/S.

1.2     Selskabets        binavn        er        Zealand

Pharmaceuticals A/S.
The   Company's   secondary   name   is

Zealand Pharmaceuticals A/S.

2         Formål


2.1     Selskabets formål er at drive forskning,
produktion,  handel  og  dermed
beslægtet  virksomhed,  primært  inden
for medicinalbranchen.
Objects


The object of the Company is to engage in
research, manufacture, trade and
related  activities,  primarily  within  the
pharmaceutical industry.

3         Koncernsprog


3.1     Selskabets koncernsprog er engelsk.
Corporate language


The  corporate  language  of  the  Com-
pany is English.

4         Aktiekapital


4.1     Selskabets aktiekapital udgør DKK

43.634.142.
Share Capital


The share capital of the Company is

DKK 43,634,142.


4.2     Aktiekapitalen er fuldt indbetalt.                                  The  share  capital  has  been  paid  up  in

full.

5         Aktier


5.1     Hver akties pålydende er DKK 1.
Shares


The  nominal  amount  of  each  share  is

DKK 1.





	
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5.2     Aktierne     er     udstedt     gennem     VP

Securities A/S.
The  shares  are  issued  through  VP  Se-

curities A/S.


5.3     Aktierne er omsætningspapirer.                                   The shares are negotiable instruments.


5.4     Ingen aktier har særlige rettigheder.                         No shares carry any special rights.

5.5     Der   gælder   ingen   indskrænkninger   i
aktiernes omsættelighed.
No  restrictions  shall  apply  as  to  the
transferability of the shares.

5.6 Ingen  aktionær skal  være  forpligtet  til
at lade sine aktier indløse helt eller
delvist.
No shareholder shall be obliged to have
the shares redeemed fully or partly.

5.7

Aktierne   udstedes   på   navn   og   skal
noteres i Selskabets ejerbog.

The shares shall be issued in the hold-
er's name and shall be registered in the
Company's Register of Shareholders.

5.8

Selskabets         ejerbog         føres         af

Computershare A/S, CVR-nr. 27 08 88

99,  der  er  valgt  som  ejerbogsfører  på

Selskabets vegne.

The  Register  of  Shareholders  is  han-
dled  by  Computershare  A/S,  CVR  no.
27 08 88 99, on behalf of the Company.

6

Udbytte

Dividend

6.1

Udbytte  betales  til  aktionærerne  ved
overførsel gennem VP Securities A/S.

Dividend shall be paid out to share-
holders by transfer through VP Securi-
ties A/S.

6.2

Udbytte,   der   ikke   har   været   hævet
inden tre år fra forfaldsdagen, tilfalder
Selskabet.

Dividend that has not been claimed
within three years of the due date shall
accrue to the Company.

7

Bemyndigelse til kapitalforhøjelse

Authorization to increase the share
capital 





	
	4






7.1     Bestyrelsen er i perioden indtil den 15.
april  2026  bemyndiget  til  ad  en  eller
flere gange at forhøje Selskabets
aktiekapital  ved  udstedelse  af  nye
aktier      med     indtil     nominelt      DKK
10.850.136.              Forhøjelsen              af

aktiekapitalen skal ske til markedskurs
og skal gennemføres uden
fortegningsret for Selskabets
eksisterende aktionærer. Forhøjelsen
skal ske ved kontant indbetaling.
During  the  period  until  15  April  2026
the  board  of  directors is authorized  to
increase at one or more times the Com-
pany's share capital by issuance of new
shares     by     up     to     nominally     DKK
10,850,136.  The  capital  increase  shall

be effected at market price and shall be
implemented  without  pre-emption
rights for the Company's existing
shareholders.  The  capital  increase must
be  implemented  by  way  of  cash
contribution.

7.2     Bestyrelsen  er  i  perioden  indtil  den  2.
april  2025  bemyndiget  til  ad  en  eller
flere gange at forhøje Selskabets
aktiekapital  ved  udstedelse  af  nye
aktier      med     indtil     nominelt      DKK
3.605.466.  Forhøjelsen  af
aktiekapitalen skal ske til markedskurs
og skal gennemføres uden
fortegningsret for Selskabets
eksisterende aktionærer. Forhøjelsen
skal ske ved apportindskud.
During the period until 2 April 2025 the
board of directors is authorized to in-
crease at one or more times the Com-
pany's share capital by issuance of new
shares     by     up     to     nominally     DKK
3,605,466.  The  capital  increase  shall be
effected at market price and shall be
implemented  without  pre-emption
rights for the Company's existing
shareholders.  The  capital  increase must
be implemented by way of contri-
bution in kind.

7.3     Bestyrelsen  er  i  perioden  indtil  den  2.
april  2025  bemyndiget  til  ad  en  eller
flere gange at forhøje Selskabets
aktiekapital  ved  udstedelse  af  nye
aktier      med     indtil     nominelt      DKK
18.027.330. Forhøjelsen af
aktiekapitalen skal gennemføres med
fortegningsret for Selskabets
eksisterende  aktionærer,  og  den  kan
ske til en favørkurs fastsat af
bestyrelsen.  Bestyrelsen  kan
bestemme, at forhøjelsen skal ske ved
During the period until 2 April 2025 the
board of directors is authorized to in-
crease at one or more times the Com-
pany's share capital by issuance of new
shares  by  up  to  nominally  DKK  DKK
18,027,330. The capital increase shall be
implemented  with  pre-emption rights
for the Company's existing shareholders
and the subscription price may be a
favourable price fixed by the board of
directors of the Company. The





	
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kontant     indbetaling,     apportindskud
eller ved konvertering af gæld.
board of directors may decide to imple-
ment  the  capital  increase  by  way  of
cash   contribution,   by   contribution   in
kind or by debt conversion.

7.4     De   nye   aktier   udstedt   i   henhold   til
punkt 7.1-7.3 skal være ligestillet med
den bestående aktiekapital. De nye
aktier skal være omsætningspapirer og
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.
The new shares issued pursuant to ar-
ticles   7.1-7.3   shall   have   the   same
rights as the existing shares of the
Company. The new shares shall be ne-
gotiable instruments and issued in the
holder's  name  and  shall  be  registered
in the Company's Register of Share-
holders.  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 di-
rectors in connection with the decision
to increase the share capital.

7.5  Bestyrelsen  er  bemyndiget  til  at
fastsætte de nærmere vilkår for
kapitalforhøjelser i henhold til
ovennævnte bemyndigelser.
Bestyrelsen  er  endvidere  bemyndiget
til at foretage de ændringer i
vedtægterne som måtte være
nødvendige som følge af bestyrelsens
udnyttelse               af               ovenstående
bemyndigelser.
The board of directors is authorized to
stipulate detailed terms and conditions
governing capital increases under the
authority given above. The board of di-
rectors   is   also   authorized   to   amend
these Articles of Association as re- quired
in   connection   with   its  use   of such
authority.



8 Bemyndigelse    til     udstedelse    af
warrants  og  konvertible
gældsbreve
Authorization to issuance of war-
rants and convertible debt instru-
ments





	
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Bemyndigelse       til       udstedelse
af

warrants
Authorization  to  issuance  of  warrants

8.1   På  et  bestyrelsesmøde  i  Selskabet
afholdt den 1. april 2014 vedtog
Selskabets bestyrelse at udstede
warrants (2014-1 employee incentive
program) i henhold til bemyndigelse,
som udløb den 2. november 2015,
svarende til nominelt DKK 100.000
aktier; og bestyrelsen vedtog samtidig
at forhøje Selskabets aktiekapital i
overensstemmelse  dermed,  i  henhold
til bemyndigelse, som udløb den 2.
november 2015. Det konkrete antal
warrants tildelt udgør 100.000. De
fuldstændige vilkår for warrants er
vedlagt som 8.1.f. Bilag 8.1.f udgør en
integreret del af nærværende
vedtægter.  28.000  warrants  er
udnyttet  den  14.  december  2018  og
72.000  warrants  er  udnyttet  den  15.

marts     2019,     og     hermed     er     alle
warrants udnyttet.
At a meeting of the board of directors
of  the  Company  held  on  1  April  2014,
the board of directors of the Company
resolved to issue warrants (2014-1
employee incentive program) pursuant
to an authorization which expired on 2
November 2015, corresponding to a
nominal  amount  of  DKK  100,000
shares;  and  the  board  of  directors  at
the same time resolved to increase the
share capital of the Company in ac-
cordance therewith pursuant to an au-
thorization which expired on 2 Novem-
ber 2015. The final number of warrants
granted  is  100,000.  The  complete
terms of the  warrants  are  attached  as
Schedule 8.1.f. Schedule 8.1.f consti-
tutes  an  integrated  part  of these  Arti-
cles of Association. 28,000 warrants
were exercised on 14 December 2018
and 72,000 warrants were exercised on
15  March  2019,  and  thus  all  warrants

were exercised.



På et bestyrelsesmøde i Selskabet
afholdt den 25. marts 2015 vedtog
Selskabets bestyrelse at udstede
warrants (2015-1 employee incentive
program) i henhold til bemyndigelse,
som udløb den 2. november 2015,
svarende til nominelt DKK 100.000
aktier; og bestyrelsen vedtog samtidig
at forhøje Selskabets aktiekapital i
overensstemmelse dermed i henhold til
At a meeting of the board of directors
of   the   Company   held   on   25   March
2015, the board of directors of the
Company resolved to issue warrants
(2015-1 employee incentive program)
pursuant to an authorization which ex-
pired on 2 November 2015, corre-
sponding to  a nominal  amount of  DKK
100,000  shares;  and  the  board  of  di-





	
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bemyndigelse,     som     udløb     den     2.
november 2015. Det konkrete antal
warrants tildelt udgør 100.000. De
fuldstændige vilkår for warrants er
vedlagt som bilag 8.1.g. Bilag 8.1.g
udgør en integreret del af nærværende
vedtægter.  35.000  warrants  er
udnyttet    den    13.    september   2019,
33.000  warrants  er  udnyttet  den  22.

november 2019, og 32.000 warrants er
udnyttet  den  20.  marts  2020,  og
hermed er alle warrants udnyttet.
rectors at the same time resolved to in-
crease the share capital of the Com- pany
in accordance therewith pursuant to an
authorization which expired on 2
November 2015. The final number of
warrants granted is 100,000. The com-
plete terms of the warrants are at-
tached   as   Schedule   8.1.g.   Schedule
8.1.g constitutes an integrated part of

these Articles of Association. 35,000
warrants were exercised on 13 Sep-
tember 2019, 33,000 warrants were
exercised  on  22  November  2019,  and
32,000 warrants were exercised on 20
March 2020, and thus all warrants were
exercised.

På et bestyrelsesmøde i Selskabet
afholdt den 5. maj 2015 vedtog
Selskabets bestyrelse at udstede
warrants (2015-4 employee incentive
program) i henhold til bemyndigelse,
som udløb den 2. november 2015,
svarende  til  nominelt  DKK  46.359
aktier; og bestyrelsen vedtog samtidig
at forhøje Selskabets aktiekapital i
overensstemmelse dermed i henhold til
bemyndigelse, som udløb den 2.
november 2015. Det konkrete antal
warrants tildelt udgør 46.359. De
fuldstændige vilkår for warrants er
vedlagt som bilag 8.4. Bilag 8.4 udgør
en integreret del af nærværende
vedtægter.  12.000  warrants  er
udnyttet den 23. august 2019, 12.000
warrants  er  udnyttet  den  13.
september 2019, 12.000 warrants er
udnyttet    den    22.    november    2019,
At a meeting of the board of directors
of  the  Company  held  on  5  May  2015,
the board of directors of the Company
resolved to issue warrants (2015-4
employee incentive program) pursuant
to an authorization which expired on 2
November   2015,   corresponding   to   a

nominal amount of DKK 46,359 shares;
and the board of directors at the same
time resolved to increase the share
capital of the Company in accordance
therewith pursuant to an authorization
which  expired  on  2  November  2015.
The  final  number  of  warrants  granted
is 46,359. The complete terms of the
warrants are attached as Schedule 8.4.
Schedule 8.4 constitutes an integrated
part of these Articles of Association.
12,000 warrants were exercised on 23

August 2019, 12,000 warrants were
exercised    on    13    September    2019,





	
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4.900 warrants er udnyttet den 20.
marts 2020, og 5.459 warrants er
udnyttet den 15. april 2020, og hermed
er alle warrants udnyttet.
12,000 warrants were exercised on 22

November  2019,  and  4,900  warrants
were exercised on 20 March 2020, and
5,459  warrants  were  exercised  on  15
April 2020, and thus all warrants were
exercised.

8.2   Alle  aktier,  der  ved  udnyttelse  af
warrants   udstedt   i   henhold   til   § 8.1
skal være omsætningspapirer og
navneaktier og noteres i Selskabets
ejerbog.
The  shares  subscribed  for  by  exercise
of the warrants issued pursuant to ar-
ticle 8.1 shall be negotiable instru- ments
and issued in the holder's name and  shall
be  registered in  the  Compa-
ny's Register of Shareholders.

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.
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 di-
rectors in connection with the decision
to increase the share capital.

8.3     Bestyrelsen er bemyndiget til at ændre
nærværende vedtægter i tilfælde af
udnyttelse af de givne bemyndigelser
eller warrants.
The board of directors is authorized to
amend these Articles of Association as
a consequence of applying the authori-
zations granted or the exercise of war-
rants.

8.4     Bestyrelsen er i perioden indtil den 21.
april  2020  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
During  the  period  until  21  April  2020
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





	
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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.
not  have  pre-emptive  subscription
rights when the Board of Directors ex-
ercises this authorization.  The  specific
terms and conditions in this respect are
to  be  determined  by  the  Board  of  Di-
rectors. The Board of Directors deter-
mines, at its own discretion, the exer-
cise price as well as other terms and
conditions for the warrants, always
provided that the exercise price as a
minimum corresponds to the market
price at the time of issuance of the war-
rants,  unless  these  are  issued  to  the
Company's employees.

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.
Pursuant to the provisions of the Dan- ish
Companies Act in force from time to time,
the Board of Directors may reap- ply or
reissue any lapsed non-exercised
warrants, provided that such reapplica-
tion or reissue is made under the terms
and conditions and within the time lim-
its specified under this authority. Re-
application   means   the   right   of   the
Board of Directors to let another con-
tractual party become a party to an al-
ready existing agreement on warrants.
Reissue means the possibility for the
Board of Directors to reissue new war-
rants under the same authorization if
those already issued have lapsed.

Bestyrelsen er i perioden indtil den 21.
april  2020  endvidere  bemyndiget  til  ad
en  eller  flere  gange  at  forhøje
Selskabets aktiekapital med op til
nominelt   DKK    2.750.000    aktier   ved
During  the  period  until  21  April  2020,
the Board of Directors is also author- ized
to  increase  at  one  or  more  times the
Company's share capital by up to
nominally   DKK   2,750,000   shares   by





	
	10






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.


På et bestyrelsesmøde i Selskabet
afholdt den 5. maj 2015 vedtog
Selskabets bestyrelse at udstede
warrants (2015-2 employee incentive
program)   svarende   til   nominelt   DKK
366.250 aktier; og bestyrelsen vedtog
samtidig at forhøje Selskabets
aktiekapital i overensstemmelse
dermed. Det konkrete antal warrants
tildelt udgør 366.250. De fuldstændige
vilkår for warrants er vedlagt som bilag
8.4.  Bilag  8.4  udgør  en  integreret  del
af nærværende vedtægter. 25.550
warrants udstedt under dette program
er  pr.  13.  december  2019  bortfaldet.
7.500 warrants er udnyttet den 14.
september 2018, 18.250 warrants er
udnyttet den 5. april 2019, 45.539
warrants er udnyttet den 28. maj 2019,
89.315  warrants  er  udnyttet  den  14.
juni 2019, 4.500 warrants er udnyttet
den 23. august 2019, 10.671 warrants
er  udnyttet  den  13.  september  2019,
57,925 warrants er udnyttet den 22.
november 2019, 16.350 warrants er
udnyttet    den    13.    december    2019,
50.250 warrants er udnyttet den 20.
marts  2020,  og  400  warrants  er
udnyttet den 15. april 2020. Som følge
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, with-
out pre-emptive subscription rights for
the shareholders of the Company to
shares issued by exercise of the issued
warrants.
At a meeting of the board of directors
of  the  Company  held  on  5  May  2015,
the board of directors of the Company
resolved to issue warrants (2015-2
employee incentive program) corre-
sponding to  a nominal  amount of  DKK
366,250 shares; and the board of di-
rectors at the same time resolved to in-
crease the share capital of the Com- pany
in accordance therewith. The final
number      of      warrants      granted      is
366,250. The complete terms of the
warrants   are   attached   as   Schedule
8.4. Schedule 8.4 constitutes an inte-
grated part of these Articles of Associ-
ation.   25,550   warrants  issued   under
this program has lapsed per 13 Decem-
ber 2019. 7,500 warrants were exer-
cised on 14 September 2018, 18,250
warrants   were   exercised   on   5   April
2019, 45,539 warrants were exercised
on 28 May 2019, 89,315 warrants were
exercised on 14 June 2019,  4,500 war-
rants   were   exercised   on   23   August
2019, 10,671 warrants were exercised
on 13 September 2019, 57,925 war-
rants  were  exercised  on  22  November
2019, 16,350 warrants were exercised





	
	11






af dels udnyttelse dels bortfald af
warrants, er det udestående antal
warrants,  der  kan  udnyttes,  reduceret
til 40.000 warrants.
on 13 December 2019, 50,250 war- rants
were   exercised   on   20   March
2020, and 400 warrants were exercised
on 15 April 2020. As a result of exer-
cise/lapse of warrants, the number of
warrants   available   for   exercise   has
been reduced to 40,000 warrants.

På et bestyrelsesmøde i Selskabet
afholdt den 5. maj 2015 vedtog
Selskabets bestyrelse at udstede
warrants (2015-3 employee incentive
program)   svarende   til   nominelt   DKK
100.000 aktier; og bestyrelsen vedtog
samtidig at forhøje Selskabets
aktiekapital i overensstemmelse
dermed. Samtlige warrants udstedt
under dette program er pr. 28. februar
2019  bortfaldet.  Som  følge  af  bortfald
af warrants ophæves bilag 8.4.a.
At a meeting of the board of directors
of  the  Company  held  on  5  May  2015,
the board of directors of the Company
resolved to issue warrants (2015-3
employee incentive program) corre-
sponding to  a nominal  amount of  DKK
85,434 shares; and the board of direc-
tors at the same time resolved to in-
crease the share capital of the Com- pany
in accordance therewith. All war- rants
issued under this program have lapsed
per 28 February 2019. As a re- sult   of
lapse   of   warrants,   Schedule
8.4.a is terminated.

På et bestyrelsesmøde i Selskabet
afholdt den 5. april 2016 vedtog
Selskabets bestyrelse at udstede
warrants (2016-1 employee incentive
program)   svarende   til   nominelt   DKK
347.250 aktier; og bestyrelsen vedtog
samtidig at forhøje Selskabets
aktiekapital i overensstemmelse
dermed. Det konkrete antal warrants
tildelt udgør 347.250. De fuldstændige
vilkår for warrants er vedlagt som bilag
8.4.b.  Bilag  8.4.b  udgør  en  integreret

del  af nærværende  vedtægter. 65.750
warrants udstedt under dette program
er  pr.  13.  december  2019  bortfaldet.
At a meeting of the board of directors
of  the  Company  held  on  5  April  2016,
the board of directors of the Company
resolved to issue warrants (2016-1
employee incentive program) corre-
sponding to  a nominal  amount of  DKK
347,250 shares; and the board of di-
rectors at the same time resolved to in-
crease the share capital of the Com- pany
in accordance therewith. The final
number      of      warrants      granted      is
347,250.  The  complete  terms  of  the

warrants   are   attached   as   Schedule

8.4.b.  Schedule   8.4.b   constitutes  an





	
	12






1.500 warrants er udnyttet den 13.
september 2019, 55.300 warrants er
udnyttet    den    22.    november    2019,
14.625 warrants er udnyttet den 13.
december 2019, 4.325 warrants er
udnyttet den 20. marts 2020, 6.250
warrants   er   udnyttet   den   15.   april
2020, 52.750 warrants er udnyttet den

26. maj 2020, 27.000 warrants er
udnyttet den 12. juni 2020, 14.250
warrants  er  udnyttet  den  21.  august
2020, 10.875 warrants er udnyttet den

11. september 2020, 4.500 warrants er
udnyttet    den    20.    november    2020,
1.500 warrants er udnyttet den 11.
december 2020, 23.875 warrants er
udnyttet    den    19.    marts    2021,    og
17.750   warrants   er   udnyttet   den   9.
april 2021. Programmet er udløbet, og
dermed vil 47.000 warrants udløbe.
integrated part of these Articles of As-
sociation. 65,750 warrants issued un-
der this program has lapsed per 13 De-
cember 2019. 1,500 warrants were  ex-
ercised on 13 September 2019, 55,300
warrants were exercised on 22 Novem-
ber 2019, 14,625 warrants were exer-
cised on 13 December 2019, 4,325
warrants  were  exercised  on  20  March
2020,  6,250  warrants  were  exercised
on   15   April   2020,   52,750   warrants
were    exercised    on    26    May    2020,
27,000 warrants were exercised on 12

June 2020, 14,250 warrants were ex-
ercised on 21 August 2020, 10,875
warrants were exercised on 11 Sep-
tember 2020, 4,500 warrants were ex-
ercised on 20 November 2020, 1,500
warrants were exercised on 11 Decem-
ber 2020, 23,875 warrants were exer-
cised on 19 March 2021, and 17,750
warrants   were   exercised   on   9   April
2021.  The  program  has  expired,  thus

47,000 warrants will expire.

På et bestyrelsesmøde i Selskabet
afholdt den 5. april 2016 vedtog
Selskabets bestyrelse at udstede
warrants (2016-2 employee incentive
program)   svarende   til   nominelt   DKK
85.434  aktier;  og  bestyrelsen  vedtog

samtidig at forhøje Selskabets
aktiekapital i overensstemmelse
dermed. Samtlige warrants udstedt
under dette program er pr. 28. februar
2019  bortfaldet.  Som  følge  af  bortfald
af warrants ophæves bilag 8.4.c.
At a meeting of the board of directors
of  the  Company  held  on  5  April  2016,
the board of directors of the Company
resolved to issue warrants (2016-2
employee incentive program) corre-
sponding to  a nominal  amount of  DKK
85,434 shares; and the board of direc-
tors at the same time resolved to in-
crease the share capital of the Com- pany
in accordance therewith. All war- rants
issued under this program have lapsed
per 28 February 2019. As a re- sult   of
lapse   of   warrants,   Schedule





	
	13







8.4.c is terminated.

På et bestyrelsesmøde i Selskabet
afholdt den 15. juli 2016 vedtog
Selskabets bestyrelse at udstede
warrants (2016-3 employee incentive
program)   svarende   til   nominelt   DKK
40.000 aktier; og bestyrelsen vedtog
samtidig at forhøje Selskabets
aktiekapital i overensstemmelse
dermed. Det konkrete antal warrants
tildelt udgør 40.000. De fuldstændige
vilkår for warrants er vedlagt som bilag
8.4.d.  Bilag  8.4.d  udgør  en  integreret
del  af  nærværende  vedtægter.
Samtlige warrants udstedt under dette
program er pr. 13. december 2019
bortfaldet. Som følge af bortfald af
warrants ophæves bilag 8.4.d.
At a meeting of the board of directors
of the Company held on 15 July 2016,
the board of directors of the Company
resolved to issue warrants (2016-3
employee incentive program) corre-
sponding to  a nominal  amount of  DKK
40,000 shares; and the board of direc-

tors at the same time resolved to in-
crease the share capital of the Com- pany
in accordance therewith. The final
number of warrants granted is 40,000.
The complete terms of the warrants are
attached  as  Schedule  8.4.d.  Schedule
8.4.d constitutes an integrated part of
these  Articles of Association.   All  war-
rants issued under this program have
lapsed per 13 December 2019. As a re-
sult   of   lapse   of   warrants,   Schedule
8.4.d is terminated.

På et bestyrelsesmøde i Selskabet
afholdt den 6. april 2017 vedtog
Selskabets bestyrelse at udstede
warrants (2017-1 employee incentive
program)   svarende   til   nominelt   DKK
424.000 aktier; og bestyrelsen vedtog

samtidig at forhøje Selskabets
aktiekapital i overensstemmelse
dermed. Det konkrete antal warrants
tildelt udgør 424.000. De fuldstændige
vilkår for warrants er vedlagt som bilag
8.4.e.  Bilag  8.4.e  udgør  en  integreret
del af nærværende vedtægter. 133.900
warrants udstedt under dette program
er  pr.  10.  december  2021  bortfaldet.
17.263  warrants  er  udnyttet  den  15.
At a meeting of the board of directors
of  the  Company  held  on  6  April  2017,
the board of directors of the Company
resolved to issue warrants (2017-1
employee incentive program) corre-
sponding to  a nominal  amount of  DKK
424,000 shares; and the board of di-
rectors at the same time resolved to in-
crease the share capital of the Com- pany
in accordance therewith. The final
number      of      warrants      granted      is
424,000. The complete terms of the
warrants   are   attached   as   Schedule
8.4.e. Schedule 8.4.e constitutes an in-
tegrated part of these Articles of Asso-
ciation. 133,900 warrants issued under





	
	14






april  2020,  38.121  warrants er
udnyttet den 26. maj 2020, 14.495
warrants er udnyttet den 12. juni 2020,
8.050 warrants er udnyttet den 21.
august  2020,  2.976  warrants  er
udnyttet    den    11.    september   2020,
11.495 warrants er udnyttet den 20.
november 2020, 3.250 warrants er
udnyttet    den    11.    december    2020,
3.770 warrants er udnyttet den 19.
marts  2021,  3.900     warrants  er
udnyttet den 9. april 2021, 2.000
warrants er udnyttet den 20. maj 2021,
4.395 warrants er udnyttet den 10. juni

2021,  1,854  warrants  er  udnyttet  den

20. august 2021, 8.089 warrants er
udnyttet  den  10.  september  2021,  og
1.934   warrents   er   udnyttet   den   19

November 2021. Som følge af dels
udnyttelse,  dels  bortfald  af  warrants,
er det udestående antal warrants, der
kan udnyttes, reduceret til 168.508
warrants.
this program has lapsed per 10 Decem-
ber 2021. 17,263 warrants were exer-
cised on 15 April 2020, 38,121 war- rants
were exercised on 26 May 2020,
14,495 warrants were exercixed on 12

June 2020, 8,050 warrants were exer-
cised on 21 August 2020, 2,976 war-
rants were exercised on 11 September
2020, 11,495 warrants were exercised

on 20 November 2020, 3,250 warrants
were exercised on 11 December 2020,
3,770  warrants  were  exercised  on  19

March 2021, 3,900 warrants were ex-
ercised on 9 April 2021, 2,000 warrants
were exercised on 20 May 2021, 4,395
warrants  were  exercised  on  10  June
2021,  1,854  warrants  were  exercised

on 20 August 2021, 8,089 were exer-
cised on 10 September 2021 and 1.934
warrants were exercised on 19 Novem-
ber 2021. As a result of exercise/lapse
of warrants, the number of warrants
available for exercise has been reduced
to 168,508 warrants.

På et bestyrelsesmøde i Selskabet
afholdt den 6. april 2017 vedtog
Selskabets bestyrelse at udstede
warrants (2017-2 employee incentive
program)   svarende   til   nominelt   DKK
93.392  aktier;  og  bestyrelsen  vedtog

samtidig at forhøje Selskabets
aktiekapital i overensstemmelse
dermed. Samtlige warrants udstedt
under dette program er pr. 28. februar
2019  bortfaldet.  Som  følge  af  bortfald
af warrants ophæves bilag 8.4.f.
At a meeting of the board of directors
of  the  Company  held  on  6  April  2017,
the board of directors of the Company
resolved to issue warrants (2017-2
employee incentive program) corre-
sponding to  a nominal  amount of  DKK
93,392 shares; and the board of direc-
tors at the same time resolved to in-
crease the share capital of the Com- pany
in accordance therewith. All war- rants
issued under this program have lapsed
per 28 February 2019. As a re- sult   of
lapse   of   warrants,   Schedule





	
	15







8.4.f is terminated.

På et bestyrelsesmøde i Selskabet
afholdt den 25. august 2017 vedtog
Selskabets bestyrelse at udstede
warrants (2017-3 employee incentive
program)   svarende   til   nominelt   DKK
14.566 aktier; og bestyrelsen vedtog
samtidig at forhøje Selskabets
aktiekapital i overensstemmelse
dermed. Samtlige warrants udstedt
under dette program er pr. 28. februar
2019  bortfaldet. Som  følge  af  bortfald

af warrants ophæves bilag 8.4.g.
At a meeting of the board of directors
of   the   Company   held   on   25   August
2017, the board of directors of the
Company resolved to issue warrants
(2017-3 employee incentive program)
corresponding  to  a nominal  amount  of
DKK 14,566 shares; and the board of
directors at the same time resolved to
increase the share capital of the Com-
pany in accordance therewith. All war-
rants issued under this program have
lapsed per 28 February 2019. As a re- sult
of   lapse   of   warrants,   Schedule
8.4.g is terminated.

På et bestyrelsesmøde i Selskabet
afholdt den 25. august 2017 vedtog
Selskabets bestyrelse at udstede
warrants (2017-4 employee incentive
program)   svarende   til   nominelt   DKK
6.608 aktier; og bestyrelsen vedtog
samtidig at forhøje Selskabets
aktiekapital i overensstemmelse
dermed. Samtlige warrants udstedt
under dette program er pr. 28. februar
2019  bortfaldet. Som  følge  af  bortfald

af warrants ophæves bilag 8.4.h.
At a meeting of the board of directors
of   the   Company   held   on   25   August
2017,   the   board   of   directors   of   the

Company resolved to issue warrants
(2017-4 employee incentive program)
corresponding  to  a nominal  amount  of
DKK 6,608 shares; and the board of di-
rectors at the same time resolved to in-
crease the share capital of the Com- pany
in accordance therewith. All war- rants
issued under this program have lapsed
per 28 February 2019. As a re- sult   of
lapse   of   warrants,   Schedule
8.4.h is terminated.

På et bestyrelsesmøde i Selskabet
afholdt den 22. maj 2018 vedtog
Selskabets bestyrelse at udstede
warrants (2018-1 employee incentive
program)   svarende   til   nominelt   DKK
515.500 aktier; og bestyrelsen vedtog
At a meeting of the board of directors
of the Company held on 22 May 2018, the
board of directors of the Company
resolved to issue warrants (2018-1
employee incentive program) corre-
sponding to  a nominal  amount of  DKK





	
	16






samtidig at forhøje Selskabets
aktiekapital i overensstemmelse
dermed. Det konkrete antal warrants
tildelt udgør 515.500. De fuldstændige
vilkår for warrants er vedlagt som bilag
8.4.i.  Bilag  8.4.i  udgør  en  integreret

del af nærværende vedtægter. 106.500
warrants udstedt under dette program
er  pr.  10.  september  2021  bortfaldet.
85.601  warrants  er  udnyttet  den  10.
juni 2021, 7,257 warrants er udnyttet
den 20. august 2021, 14.000 warrants
er  udnyttet  den  10.  september  2021,
5.111 warrants er udnyttet den 19.
November 2021 og 5.400 warrants er
udnyttet den 10. december 2021. Som
følge  af  dels  udnyttelse,  dels  bortfald
af warrants, er det udestående antal
warrants,  der  kan  udnyttes,  reduceret
til 291.631 warrants.
515,500 shares; and the board of di-
rectors at the same time resolved to in-
crease the share capital of the Com- pany
in accordance therewith. The final
number      of      warrants      granted      is
515,500.  The  complete  terms  of  the

warrants   are   attached   as   Schedule

8.4.i. Schedule 8.4.i constitutes an in-
tegrated part of these Articles of Asso-
ciation. 106,500 warrants issued under
this program has lapsed per 10 Sep-
tember 2021. 85,601 warrants were
exercised on 10 June 2021, 7,257 war-
rants   were   exercised   on   20   August
2021, 14.000 warrants were exercised
on 10 September 2021, 5.111 warrants
were exercised on 19 November 2021
and 5,400 warrants were exercised on
10 December 2021. As a result of ex-
ercise/lapse of warrants, the number of
warrants   available   for   exercise   has
been reduced to 291,631 warrants.

På et bestyrelsesmøde i Selskabet
afholdt den 22. maj 2018 vedtog
Selskabets bestyrelse at udstede
warrants (2018-1 employee incentive
program)   svarende   til   nominelt   DKK
100.000 aktier; og bestyrelsen vedtog
samtidig at forhøje Selskabets
aktiekapital i overensstemmelse
dermed. Samtlige warrants udstedt
under dette program er pr. 28. februar
2019  bortfaldet.  Som  følge  af  bortfald
af warrants ophæves bilag 8.4.j.
At a meeting of the board of directors
of the Company held on 22 May 2018, the
board of directors of the Company
resolved to issue warrants (2018-1
employee incentive program) corre-
sponding to  a nominal  amount of  DKK
100,000 shares; and the board of di-
rectors at the same time resolved to in-
crease the share capital of the Com- pany
in accordance therewith. All war- rants
issued under this program have lapsed
per 28 February 2019. As a re- sult   of
lapse   of   warrants,   Schedule
8.4.j is terminated.





	
	17






På et bestyrelsesmøde i Selskabet
afholdt den 15. oktober 2018 vedtog
Selskabets bestyrelse at udstede
warrants (2018-2 employee incentive
program)   svarende   til   nominelt   DKK
40.000  aktier;  og  bestyrelsen  vedtog

samtidig at forhøje Selskabets
aktiekapital i overensstemmelse
dermed. Det konkrete antal warrants
tildelt udgør 40.000. De fuldstændige
vilkår for warrants er vedlagt som bilag
8.4.k.  Bilag  8.4.k  udgør  en  integreret
del  af nærværende  vedtægter. 40.000
warrants  er  udnyttet  den  19. November
2021.  Som  følge  af udnyttelse er der
ikke flere udestående warrants der kan
udnyttes.
At a meeting of the board of directors
of  the  Company  held  on  15  October
2018, the board of directors of the
Company resolved to issue warrants
(2018-2 employee incentive program)
corresponding  to  a nominal  amount  of
DKK 40,000 shares; and the board of
directors at the same time resolved to
increase the share capital of the Com-
pany in accordance therewith. The final
number of warrants granted is 40,000.
The complete terms of the warrants are
attached  as  Schedule  8.4.k.  Schedule
8.4.k constitutes an integrated part of
these Articles of Association. 40,000
warrants were exercised on 19 Novem-
ber  2021.  As  a  result  of  exercise,  no
warrants are left available for exercise.

På et bestyrelsesmøde i Selskabet
afholdt den 10. april 2019 vedtog
Selskabets bestyrelse at udstede
warrants (2019-1 employee incentive
program)   svarende   til   nominelt   DKK
397.750 aktier; og bestyrelsen vedtog
samtidig at forhøje Selskabets
aktiekapital i overensstemmelse
dermed. Det konkrete antal warrants
tildelt udgør 397.750. De fuldstændige
vilkår for warrants er vedlagt som bilag
8.4.l.  Bilag  8.4.l  udgør  en  integreret

del  af nærværende  vedtægter. 63.500
warrants udstedt under dette program
er pr. 10. december 2021 bortfaldet.
Som  følge  af  bortfald  af  warrants,  er
det udestående antal warrants, der kan
udnyttes, reduceret til 334.250
warrants.
At a meeting of the board of directors
of the Company held on 10 April 2019,
the board of directors of the Company
resolved to issue warrants (2019-1
employee incentive program) corre-
sponding to  a nominal  amount of  DKK
397,750 shares; and the board of di-
rectors at the same time resolved to in-
crease the share capital of the Com- pany
in accordance therewith. The final
number      of      warrants      granted      is
397,750.  The  complete  terms  of  the

warrants   are   attached   as   Schedule

8.4.l. Schedule 8.4.l constitutes an in-
tegrated part of these Articles of Asso-
ciation. 63,500 warrants issued under
this program has lapsed per 10 Decem-
ber 2021. As a result of lapse of war-
rants, the number of warrants available





	
	18







for    exercise    has    been    reduced    to

334,250 warrants.

På et bestyrelsesmøde i Selskabet
afholdt den 13. juni 2019 vedtog
Selskabets bestyrelse at udstede
warrants (2019-2 employee incentive
program)   svarende   til   nominelt   DKK
168.388 aktier; og bestyrelsen vedtog

samtidig at forhøje Selskabets
aktiekapital i overensstemmelse
dermed. Det konkrete antal warrants
tildelt udgør 168.388. De fuldstændige
vilkår for warrants er vedlagt som bilag
8.4.m. Bilag 8.4.m udgør en integreret
del  af nærværende  vedtægter. 26.716
warrants udstedt under dette program
er pr. 13. december   2019 bortfaldet.
Som  følge  af  bortfald  af  warrants,  er
det udestående antal warrants, der kan
udnyttes, reduceret til 141.672
warrants.
At a meeting of the board of directors
of the Company held on 13 June 2019,
the board of directors of the Company
resolved to issue warrants (2019-2
employee incentive program) corre-
sponding to  a nominal  amount of  DKK
168,388 shares; and the board of di-
rectors at the same time resolved to in-
crease the share capital of the Com- pany
in accordance therewith. The final
number      of      warrants      granted      is
168,388. The complete terms of the
warrants   are   attached   as   Schedule
8.4.m.  Schedule  8.4.m  constitutes  an

integrated part of these Articles of As-
sociation. 26,716 warrants issued un-
der this program has lapsed per 13 De-
cember 2019. As a result of lapse of
warrants, the number of warrants
available for exercise has been reduced
to 141,672 warrants.

På et bestyrelsesmøde i Selskabet
afholdt den 13. juni 2019 vedtog
Selskabets bestyrelse at udstede
warrants (2019-3 employee incentive
program)   svarende   til   nominelt   DKK
25.976  aktier;  og  bestyrelsen  vedtog

samtidig at forhøje Selskabets
aktiekapital i overensstemmelse
dermed. Det konkrete antal warrants
tildelt udgør 25.976. De fuldstændige
vilkår for warrants er vedlagt som bilag
8.4.n.  Bilag  8.4.n  udgør  en  integreret
del  af  nærværende  vedtægter.  8.658
At a meeting of the board of directors
of the Company held on 13 June 2019,
the board of directors of the Company
resolved to issue warrants (2019-3
employee incentive program) corre-
sponding to  a nominal  amount of  DKK
25,976 shares; and the board of direc-
tors at the same time resolved to in-
crease the share capital of the Com- pany
in accordance therewith. The final
number of warrants granted is 25,976.
The complete terms of the warrants are
attached  as  Schedule  8.4.n.  Schedule





	
	19






warrants udstedt under dette program
er  pr.  10.  december  2021  bortfaldet.
8.659 warrants er udnyttet den 21.
august 2020, og 8.659 warrants er
udnyttet  den  10.  september  2021. Som
følge af dels udnyttelse, dels bortfald af
warrants, er der ikke flere udestående
warrants der kan udnyttes.
8.4.n constitutes an integrated part of
these Articles of Association. 8,658
warrants   issued   under   this   program
has   lapsed   per   10   December   2021.
8,659  warrants  were  exercised  on  21

August 2020, and 8,659 warrants were
exercised on 10 September 2021. As a
result of exercise of warrants, no war-
rants are left available for exercise.

På et bestyrelsesmøde i Selskabet
afholdt den 5. december 2019 vedtog
Selskabets bestyrelse at udstede
warrants (2019-4 employee incentive
program)   svarende   til   nominelt   DKK
48.915 aktier; og bestyrelsen vedtog
samtidig at forhøje Selskabets
aktiekapital i overensstemmelse
dermed. Det konkrete antal warrants
tildelt udgør 48.915. De fuldstændige
vilkår for warrants er vedlagt som bilag
8.4.o.  Bilag  8.4.o  udgør  en  integreret
del  af nærværende  vedtægter. 11.638
warrants udstedt under dette program
er pr. 10. september 2021 bortfaldet.
Som  følge  af  bortfald  af  warrants,  er
det udestående antal warrants, der kan
udnyttes, reduceret  til  37.277
warrants.
At a meeting of the board of directors
of  the  Company  held  on  5  December
2019,   the   board   of   directors   of   the

Company resolved to issue warrants
(2019-4 employee incentive program)
corresponding  to  a nominal  amount  of
DKK 48,915 shares; and the board of
directors at the same time resolved to
increase the share capital of the Com-
pany in accordance therewith. The final
number of warrants granted is 48,915.
The complete terms of the warrants are
attached  as  Schedule  8.4.0.  Schedule
8.4.0 constitutes an integrated part of

these Articles of Association. 11,638
warrants   issued   under   this   program
has lapsed per 10 September 2021. As
a result of lapse of warrants, the num-
ber  of  warrants  available  for  exercise
has been reduced to 37,277 warrants.

På et bestyrelsesmøde i Selskabet
afholdt den 15. april 2020 vedtog
Selskabets bestyrelse at udstede
warrants (2020-1 employee incentive
program)   svarende   til   nominelt   DKK
283.250 aktier; og bestyrelsen vedtog
samtidig       at       forhøje       Selskabets
At a meeting of the board of directors
of the Company held on 15 April 2020,
the board of directors of the Company
resolved to issue warrants (2020-1
employee incentive program) corre-
sponding to  a nominal  amount of  DKK





	
	20






aktiekapital i overensstemmelse
dermed. Det konkrete antal warrants
tildelt udgør 283.250. De fuldstændige
vilkår for warrants er vedlagt som bilag
8.4.p.  Bilag  8.4.p  udgør  en  integreret
del  af nærværende  vedtægter. 36.100
warrants udstedt under dette program
er pr. 10. december 2021 bortfaldet.
Som  følge  af  bortfald  af  warrants,  er
det udestående antal warrants, der kan
udnyttes, reduceret til 247.150
warrants.
283,250 shares; and the board of di-
rectors at the same time resolved to in-
crease the share capital of the Com- pany
in accordance therewith. The final
number      of      warrants      granted      is
283,250.  The  complete  terms  of  the

warrants   are   attached   as   Schedule

8.4.p. Schedule 8.4.p constitutes an
integrated part of these Articles of As-
sociation. 36,100 warrants issued un-
der this program has lapsed per 10 De-
cember 2021. As a result of lapse of
warrants, the number of warrants
available for exercise has been reduced
to 247,150 warrants.

På et bestyrelsesmøde i Selskabet
afholdt den 15. april 2020 vedtog
Selskabets bestyrelse at udstede
warrants (2020-2 employee incentive
program)   svarende   til   nominelt   DKK
79.882 aktier; og bestyrelsen vedtog
samtidig at forhøje Selskabets
aktiekapital i overensstemmelse
dermed. Det konkrete antal warrants
tildelt udgør 79.882. De fuldstændige
vilkår for warrants er vedlagt som bilag
8.4.r.  Bilag  8.4.r  udgør  en  integreret

del af nærværende vedtægter.
At a meeting of the board of directors
of the Company held on 15 April 2020,
the board of directors of the Company
resolved to issue warrants (2020-2
employee incentive program) corre-
sponding to  a nominal  amount of  DKK
79,882 shares; and the board of direc-
tors at the same time resolved to in-
crease the share capital of the Com- pany
in accordance therewith. The final
number of warrants granted is 79,882.
The complete terms of the warrants are
attached  as  Schedule  8.4.r.  Schedule
8.4.r  constitutes an  integrated part  of

these Articles of Association.

På et bestyrelsesmøde i Selskabet
afholdt den 15. april 2020 vedtog
Selskabets bestyrelse at udstede
warrants (2020-3 employee incentive
program)   svarende   til   nominelt   DKK
220.764 aktier; og bestyrelsen vedtog
At a meeting of the board of directors
of the Company held on 15 April 2020,
the board of directors of the Company
resolved to issue warrants (2020-3
employee incentive program) corre-
sponding to  a nominal  amount of  DKK





	
	21






samtidig at forhøje Selskabets
aktiekapital i overensstemmelse
dermed. Det konkrete antal warrants
tildelt udgør 220.764. De fuldstændige
vilkår for warrants er vedlagt som bilag
8.4.q.  Bilag  8.4.q  udgør  en  integreret

del af nærværende vedtægter. 122.547
warrants udstedt under dette program
er pr. 10. december 2021 bortfaldet.
Som  følge  af  bortfald  af  warrants,  er
det udestående antal warrants, der kan
udnyttes, reduceret  til  98.217
warrants.
220,764 shares; and the board of di-
rectors at the same time resolved to in-
crease the share capital of the Com- pany
in accordance therewith. The final
number      of      warrants      granted      is
220,764.  The  complete  terms  of  the

warrants   are   attached   as   Schedule

8.4.q. Schedule 8.4.q constitutes an
integrated part of these Articles of As-
sociation. 122,547 warrants issued un-
der this program has lapsed per 10 De-
cember 2021. As a result of lapse of
warrants, the number of warrants
available for exercise has been reduced
to 98,217 warrants.

På et bestyrelsesmøde i Selskabet
afholdt den 15. april 2020 vedtog
Selskabets bestyrelse at udstede
warrants (2020-4 employee incentive
program)   svarende   til   nominelt   DKK
47.392 aktier; og bestyrelsen vedtog
samtidig at forhøje Selskabets
aktiekapital i overensstemmelse
dermed. Det konkrete antal warrants
tildelt udgør 47.392. De fuldstændige
vilkår for warrants er vedlagt som bilag
8.4.s.  Bilag  8.4.s  udgør  en  integreret

del  af nærværende  vedtægter. 15.596
warrants udstedt under dette program
er pr. 10. december 2021 bortfaldet.
Som  følge  af  bortfald  af  warrants,  er
det udestående antal warrants, der kan
udnyttes, reduceret  til  31.796
warrants.
At a meeting of the board of directors
of the Company held on 15 April 2020,
the board of directors of the Company
resolved to issue warrants (2020-4
employee incentive program) corre-
sponding to  a nominal  amount of  DKK
47,392 shares; and the board of direc-
tors at the same time resolved to in-
crease the share capital of the Com- pany
in accordance therewith. The final
number of warrants granted is 47.392.
The complete terms of the warrants are
attached  as  Schedule  8.4.s.  Schedule
8.4.s constitutes  an integrated  part  of
these Articles of Association. 15,596
warrants   issued   under   this   program
has lapsed per 10 December 2021.   As
a result of lapse of warrants, the num-
ber  of  warrants  available  for  exercise
has been reduced to 31,796 warrants.





	
	22






Som  følge  af  dels  udstedelse  af
warrants  dels  bortfald  af  warrants,  er
det udestående antal warrants, der kan
udstedes i henhold til bemyndigelsen i
nærværende § 8.4, ændret til 149.449
warrants.
As a result of issuance/lapse of war-
rants, the number of warrants available
for issuance under the authorization in
this  article  8.4  has  been  changed  to
149,449 warrants.

8.5     Alle  aktier,  der  tegnes  ved  udnyttelse
af warrants udstedt i henhold til § 8.4,
skal være omsætningspapirer og
navneaktier og noteres i Selskabets
ejerbog.
The  shares  subscribed  for  by  exercise
of the warrants issued pursuant to ar-
ticle 8.4 shall be negotiable instru- ments
and issued in the holder's name and  shall
be  registered in  the  Compa-
ny's Register of Shareholders.

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.
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 Di-
rectors in connection with the decision
to increase the share capital.

8.6     Bestyrelsen er bemyndiget til at ændre
nærværende vedtægter i tilfælde af
udnyttelse af de givne bemyndigelser
eller warrants.
The board of directors is authorized to
amend these Articles of Association as
a consequence of applying the authori-
zations granted or the exercise of war-
rants.

8.7     Bestyrelsen  er  i  perioden  indtil  den  2.
april  2021  bemyndiget  til  ad  en  eller
flere  gange  at  udstede  warrants  med
ret  til  at   tegne  op  til  nominelt  DKK
821.544 aktier i Selskabet. Selskabets
aktionærer  skal  ikke  have
fortegningsret         ved         bestyrelsens
During the period until 2 April 2021 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
821,544 shares in the Company. The
shareholders  of  the  Company  will  not





	
	23






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.
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 as a minimum corre-
sponds to the market price at the time
of   issuance   of   the   warrants,   unless
these are issued to the Company's em-
ployees.

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.
Pursuant to the provisions of the Dan- ish
Companies Act in force from time to time,
the Board of Directors may reap- ply or
reissue any lapsed non-exercised
warrants, provided that such reapplica-
tion or reissue is made under the terms
and conditions and within the time lim-
its specified under this authority. Re-
application   means   the   right   of   the
Board of Directors to let another con-
tractual party become a party to an al-
ready existing agreement on warrants.
Reissue means the possibility for the
Board of Directors to reissue new war-
rants under the same authorization if
those already issued have lapsed.

Bestyrelsen er i perioden indtil den 2.
april  2021  endvidere  bemyndiget  til  ad
en  eller  flere  gange  at  forhøje
Selskabets aktiekapital med op til
nominelt     DKK     821.544     aktier     ved
During  the  period  until  2  April  2021,
the Board of Directors is also author- ized
to  increase  at  one  or  more  times the
Company's share capital by up to
nominally DKK 821,544 shares by cash





	
	24






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.
payment in connection with the exer-
cise 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-emp- tive
subscription rights for the share- holders
of the Company to shares is- sued  by
exercise  of  the  issued  war-
rants.

På et bestyrelsesmøde i Selskabet
afholdt den 14. september 2020 vedtog
Selskabets bestyrelse at udstede
warrants (2020-5 employee incentive
program)   svarende   til   nominelt   DKK
43.217 aktier; og bestyrelsen vedtog
samtidig at forhøje Selskabets
aktiekapital i overensstemmelse
dermed. Det konkrete antal warrants
tildelt udgør 43.217. De fuldstændige
vilkår for warrants er vedlagt som bilag
8.7.  Bilag  8.7  udgør  en  integreret  del
af nærværende vedtægter.
At a meeting of the board of directors
of the Company held on 14 September
2020,   the   board   of   directors   of   the

Company resolved to issue warrants
(2020-5 employee incentive program)
corresponding  to  a nominal  amount  of
DKK 43,217 shares; and the board of
directors at the same time resolved to
increase the share capital of the Com-
pany in accordance therewith. The final
number of warrants granted is 43,217.
The complete terms of the warrants are
attached as Schedule 8.7 Schedule 8.7
constitutes an integrated part of these
Articles of Association.

På et bestyrelsesmøde i Selskabet
afholdt den 14. september 2020 vedtog
Selskabets bestyrelse at udstede
warrants (2020-6 employee incentive
program)   svarende   til   nominelt   DKK
20.000 aktier; og bestyrelsen vedtog
samtidig at forhøje Selskabets
aktiekapital i overensstemmelse
dermed. Det konkrete antal warrants
tildelt udgør 20.000. De fuldstændige
vilkår for warrants er vedlagt som bilag
8.7.a.  Bilag  8.7.a  udgør  en  integreret
At a meeting of the board of directors
of the Company held on 14 September
2020, the board of directors of the
Company resolved to issue warrants
(2020-6 employee incentive program)
corresponding  to  a nominal  amount  of
DKK 20,000 shares; and the board of
directors at the same time resolved to
increase the share capital of the Com-
pany in accordance therewith. The final
number of warrants granted is 20,000.
The complete terms of the warrants are





	
	25







del af nærværende vedtægter.                                      attached  as  Schedule  8.7.a.  Schedule
8.7.a constitutes an integrated part of
these Articles of Association.

Som  følge  af  dels  udstedelse  af
warrants  dels  bortfald  af  warrants,  er
det udestående antal warrants, der kan
udstedes i henhold til bemyndigelsen i
nærværende § 8.7, ændret til 758.327
warrants.
As a result of issuance/lapse of war-
rants, the number of warrants available
for issuance under the authorization in
this  article  8.7  has  been  changed  to
758,327 warrants.

8.8     Alle  aktier,  der  tegnes  ved  udnyttelse
af warrants udstedt i henhold til § 8.7,
skal være omsætningspapirer og
navneaktier og noteres i Selskabets
ejerbog.
The  shares  subscribed  for  by  exercise
of the warrants issued pursuant to ar-
ticle 8.7 shall be negotiable instru- ments
and issued in the holder's name and  shall
be  registered in  the  Compa-
ny's Register of Shareholders.



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.
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 Di-
rectors in connection with the decision
to increase the share capital.

8.9     Bestyrelsen er bemyndiget til at ændre
nærværende vedtægter i tilfælde af
udnyttelse af de givne bemyndigelser
eller warrants.
The board of directors is authorized to
amend these Articles of Association as
a consequence of applying the authori-
zations granted or the exercise of war-
rants.

8.10   Bestyrelsen  er  i  perioden  indtil  den  6.
april  2027  bemyndiget  til  ad  en  eller
During the period until 6 April 2027 the
board of directors is authorized to issue





	
	26






flere  gange  at  udstede  warrants  med
ret  til  at   tegne  op  til  nominelt  DKK
2.181.707  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.
at one or more times warrants with a
right to subscribe for shares up to an
aggregate   amount   of   nominally   DKK
2,181,707 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 as a minimum corre-
sponds to the market price at the time
of   issuance   of   the   warrants,   unless
these are issued to the Company's em-
ployees.

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.
Pursuant to the provisions of the Dan- ish
Companies Act in force from time to time,
the Board of Directors may reap- ply or
reissue any lapsed non-exercised
warrants, provided that such reapplica-
tion or reissue is made under the terms
and conditions and within the time lim-
its specified under this authority. Re-
application   means   the   right   of   the
Board of Directors to let another con-
tractual party become a party to an al-
ready existing agreement on warrants.
Reissue means the possibility for the
Board of Directors to reissue new war-
rants under the same authorization if
those already issued have lapsed.





	
	27






Bestyrelsen er i perioden indtil den 6.
april 2027 endvidere bemyndiget til ad
en  eller  flere  gange  at  forhøje
Selskabets aktiekapital med op til
nominelt DKK 2.181.707 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.
During  the  period  until  6  April  2027,
the Board of Directors is also author- ized
to  increase  at  one  or  more  times the
Company's share capital by up to
nominally   DKK   2,181,707   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, with-
out 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 25. maj 2022 vedtog
Selskabets bestyrelse at udstede
warrants (2022-1 employee incentive
program)   svarende   til   nominelt   DKK
229.794.  Det  konkrete  antal  warrants

tildelt udgør 229.794. De fuldstændige
vilkår for warrants er vedlagt som bilag
8.10.A.  Bilag  8.10.A  udgør  en
integreret del af nærværende
vedtægter.
At a meeting of the board of directors
of the Company held on 25 May 2022, the
board of directors of the Company
resolved to issue warrants (2022-1
employee incentive program) corre-
sponding to  a nominal  amount of  DKK
229,794 shares. The final number of
warrants granted is 229,794. The com-
plete terms of the warrants are at-
tached  as  Schedule  8.10.A.  Schedule
8.10.A constitutes an integrated part of

these Articles of Association.

På et bestyrelsesmøde i Selskabet
afholdt den 25. maj 2022 vedtog
Selskabets bestyrelse at udstede
warrants (2022-2 employee incentive
program)   svarende   til   nominelt   DKK
633.362. Det konkrete antal warrants
tildelt udgør 633.362. De fuldstændige
At a meeting of the board of directors
of the Company held on 25 May 2022, the
board of directors of the Company
resolved to issue warrants (2022-2
employee incentive program) corre-
sponding to  a nominal  amount of  DKK
633,362  shares.  The  final  number  of





	
	28






vilkår for warrants er vedlagt som bilag

8.10.B.  Bilag  8.10.B  udgør  en
integreret del af nærværende
vedtægter.
warrants granted is 633,362. The com-
plete terms of the warrants are at-
tached  as  Schedule  8.10.B.  Schedule
8.10.B constitutes an integrated part of

these Articles of Association.

Som  følge  af  dels  udstedelse  af
warrants  dels  bortfald  af  warrants,  er
det udestående antal warrants, der kan
udstedes i henhold til bemyndigelsen i
nærværende       § 8.10,       ændret       til
1.318.551 warrants.
As a result of issuance/lapse of war-
rants, the number of warrants available
for issuance under the authorization in
this  article  8.10  has  been  changed  to
1,318,551 warrants.



8.11   Alle  aktier,  der  tegnes  ved  udnyttelse
af warrants udstedt i henhold til § 8.10,
skal være omsætningspapirer og
navneaktier og noteres i Selskabets
ejerbog.
The  shares  subscribed  for  by  exercise
of the warrants issued pursuant to ar-
ticle 8.10 shall be negotiable instru-
ments and issued in the holder’s name
and  shall  be  registered  in  the  Com-
pany’s Register of Shareholders.

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.
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 Di-
rectors in connection with the decision
to increase the share capital.

8.12   Bestyrelsen er bemyndiget til at ændre
nærværende vedtægter i tilfælde af
udnyttelse af de givne bemyndigelser
eller warrants.
The Board of Directors is authorized to
amend these Articles of Association as
a consequence of applying the authori-
zations granted or the exercise of war-
rants.





	
	29






Bemyndigelse       til       udstedelse
af

konvertible  gældsbreve
Authorization to issuance of convertible

debt  instruments

8.13   Bestyrelsen er i perioden indtil den 15.
april  2026  bemyndiget  til  ad  en  eller
flere  gange  at  optage  lån  mod
udstedelse af obligationer eller andre
gældsbreve med en adgang til
konvertering til kapitalandele
(konvertible  lån),  som  ved
konvertering af hovedstol og tilhørende
renter  giver  ret  til  at  tegne
kapitalandele med indtil en nominel
værdi på i alt DKK 10.850.136.
Konvertible gældsbreve kan optages i
danske  kroner  (DKK)  eller  et
tilsvarende beløb i udenlandsk valuta,
herunder amerikanske dollar (USD) og
euro (EUR) omregnet i henhold til
gældende valutakurser på tidspunktet
for udstedelsen af det konvertible
gældsbrev.  Konvertible  gældsbreve
skal tegnes mod kontant betaling.
Bestyrelsen  fastsætter  selv  tegnings-
og  konverteringskursen          ved
udstedelse  af  det  konvertible
gældsbrev, dog således at tegnings- og
konverteringskursen  som  minimum
skal  svare  til  markedspris  på
tidspunktet for udstedelsen af det
konvertible gældsbrev. Udstedelsen af
konvertible gældsbreve skal ske uden
fortegningsret for selskabets
eksisterende kapitalejere.
Konverteringsfristen kan fastsættes til
en længere periode end 5 år efter
optagelsen af det konvertible lån.
Bestyrelsen      skal      yderligere      være
During  the  period  until  15  April  2026
the Board of Directors is authorized to,
at   one   or   more   times,   raise   loans
against issuance of bonds or other debt
instruments  with  access  to  conversion
to shares (convertible loans), which by
conversion of the principal and inter-
ests gives the right to subscribe for
shares of up to a total of nominally DKK
10,850,136. Convertible debt instru-
ments may be raised in Danish Kroner
(DKK) or the equivalent in foreign cur-
rency,   including   US   dollar   (USD)   og
euro (EUR) computed at the rates of
exchange  ruling    at  the  time  of  issu-
ance of the convertible debt instru-
ment.  Convertible  debt  instruments
shall   be   issued   against   payment   in
cash. The Board of Directors deter-
mines, at its own discretion, the sub-
scription and  conversion rates at issu-
ance of the convertible debt instru-
ment, always provided that the sub-
scription and conversion rates as a
minimum   correspond   to   the   market
price at the time of issuance of the con-
vertible debt instrument. The issuance
of  convertible  debt  instruments  shall be
made  without  a  pre-emption  right for
the existing shareholders of the
Company.  The  conversation  period may
run for longer than five years after the
raising of the convertible loan. The Board
of Directors shall further be au- thorised
to  effect  the  increases  of  the





	
	30






bemyndiget til at gennemføre de til
konvertering af de konvertible lån
hørende nødvendige kapitalforhøjelser
samt      foretage      øvrige      relaterede
konsekvensrettelser i vedtægterne.
share capital associated with the con-
version of the convertible debt instru-
ments and carry out the associated
consequential amendments of the Arti-
cles of Association.

De nominelle kapitalforhøjelser, som
bestyrelsen kan træffe beslutning om i
medfør af punkt 7.1, og de nominelle
kapitalforhøjelser, som de eventuelle
konvertible  gældsbreve  kan
konverteres til, hvis bestyrelsen
udnytter bemyndigelsen i punkt 8.13,
kan samlet set ikke overstige et samlet
nominelt     forhøjelsesbeløb     på     DKK
10.850.136.
The   nominal   capital   increases   which
the board of directors may decide upon
pursuant  to  article  7.1,  and  the  nomi-
nal capital increases to which any con-
vertible debt instruments may be con-
verted if the board of directors exer-
cises the authorization in article 8.13,
cannot exceed a total aggregate nomi-
nal amount of DKK 10,850,136.

8.14 De nye kapitalandele, der udstedes i
henhold til punkt 8.13 skal være
ligestillet  med  den  bestående  kapital.
De nye kapitalandele skal være
omsætningspapirer og
navnekapitalandele og skal noteres i
selskabets ejerbog. De nye
kapitalandeles omsættelighed er ikke
begrænset. Ingen kapitalejer skal være
forpligtet til at lade sine kapitalandele
indløse helt eller delvist. De nye
kapitalandele skal give ret til
 økonomiske og forvaltningsmæssige
rettigheder  i  selskabet  fra  det
tidspunkt,        som         fastsættes        af
bestyrelsen i forhøjelsesbeslutningen.
The new shares that will be issued un- der
article  8.13  will  rank  equally  with the
existing share capital. The new shares
will be negotiable instruments and will be
registered in the holder’s name in the
Company’s register of shareholders. The
transferability of the new shares will be
unrestricted. No shareholder will be
under an obligation to have the Company
or others redeem its shares in whole or in
part. The new shares entitle the holder to
dividends and other rights in the
Company as of the  date  set  by the
Board of Directors in the resolution to
increase the share
capital.

8.15 Bestyrelsen   er   bemyndiget   til   at
fastsætte de nærmere vilkår for de
konvertible gældsbreve i henhold til
ovennævnte                          bemyndigelse.
The Board of Directors will be author-
ised to  lay down the terms and  condi-
tions for the convertible debt instru-
ments  in  accordance  with  the  above





	
	31






Bestyrelsen  er  endvidere  bemyndiget
til at foretage de ændringer i
vedtægterne, som måtte være
nødvendige som følge af bestyrelsens
udnyttelse               af               ovenstående
bemyndigelse.
authorisation.  The  Board  of  Directors
will further be authorised to implement
any amendments to the Articles of As-
sociation that  may be necessary when
the  Board  of  Directors  exercises  the
above authority.

9         Generalforsamling


9.1     Generalforsamlinger          afholdes          i

Storkøbenhavn.
General Meetings


General meetings of the Company shall
be held in Greater Copenhagen.

9.2 Ordinære generalforsamlinger skal
afholdes i så god tid, at den reviderede og
godkendte  årsrapport  kan indsendes og
være modtaget i Erhvervsstyrelsen
senest fire  måneder
efter regnskabsårets udløb.
Annual  general  meetings shall  be  held
early enough for the audited and adopted
annual report to be submitted to and
received by the Danish Business
Authority  not  later  than  four  months
after the closing of the financial year.

9.3    Bestyrelsen skal senest otte uger før
dagen for den påtænkte afholdelse af
den ordinære generalforsamling
offentliggøre datoen  for afholdelsen  af
generalforsamlingen samt datoen for
den seneste fremsættelse af krav om
optagelse af et bestemt emne på
dagsordenen     for     aktionærerne,     jf.
punkt 9.4.
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.

9.4     Forslag fra aktionærerne til behandling
på  den  ordinære  generalforsamling skal
være skriftligt fremsat til bestyrelsen
senest seks uger før
generalforsamlingens afholdelse.
Modtager bestyrelsen et forslag senere
end seks uger før generalforsamlingens
afholdelse, afgør bestyrelsen, om
forslaget  er  fremsat  i  så  god  tid,  at
Proposals from shareholders for con-
sideration by the annual general meet-
ing 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





	
	32






emnet     alligevel     kan     optages     på

dagsordenen.
whether it was received in time for it to

be included on the agenda nonetheless.

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.
An extraordinary general meeting shall
be held when decided by a general
meeting, the board of directors or re-
quested 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.

9.6     Alle dokumenter til brug for Selskabets
generalforsamlinger i forbindelse med
eller efter generalforsamlingen,
herunder indkaldelsen og
forhandlingsprotokollen,     skal     alene
udarbejdes på engelsk.
All  documents  prepared  for  use  by  or
for a general meeting of the Company
in connection with or after the general
meeting, including the notice and the
minutes,  must  be  prepared  in  English
only.

9.7     Generalforsamlinger     skal     indkaldes
med   højst   fem   ugers   og   mindst   tre
ugers varsel. Indkaldelse til
ekstraordinær generalforsamling skal
ske  senest  14  dage  efter,  at
bestyrelsen     har     modtaget     behørig
anmodning herom.
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.



9.8 Bestyrelsen    skal    indkalde    til
generalforsamling ved bekendtgørelse
indrykket i Erhvervsstyrelsens it-
system samt ved offentliggørelse på
Selskabets                                  hjemmeside
(www.zealandpharma.com).
The board of directors shall convene
general meetings by publication in the
computer information system of the
Danish Business Authority and by post-
ing on the Company's website
(www.zealandpharma.com).

9.9     Indkaldelsesvarslet    regnes    fra    den
første   bekendtgørelse.     Indkaldelse
sker  endvidere  ved  meddelelse  til  alle
The length of the notice shall be reck-
oned from the first advertisement.
General   meetings   shall   moreover   be





	
	33






noterede aktionærer i ejerbogen, som
har fremsat begæring herom, til den
adresse, herunder e-mailadresse, jf.
punkt 12, de har opgivet til Selskabet.
Er oplysningerne i ejerbogen
utilstrækkelige eller mangelfulde, har
bestyrelsen ingen pligt til at søge disse
berigtiget eller til at indkalde på anden
måde.
convened by sending a notice to all
shareholders entered in the Company's
Register of Shareholders having so re-
quested,  to  the  address,  including  the
e-mail address, cf. article 12, informed to
the Company. If the information
contained in the Register of Sharehold-
ers   is   insufficient   or   incorrect,   the
board of directors shall  not be obliged
to rectify the information or to give no-
tice in any other way.

9.10   Indkaldelsen      skal      som      minimum
indeholde:


(1) Tid           og           sted           for
generalforsamlingen, samt hvilke
emner der skal behandles på
generalforsamlingen. Såfremt der
på generalforsamlingen skal
behandles forslag til
vedtægtsændringer, skal
forslagets    væsentligste    indhold
angives i indkaldelsen.
The notice shall as a minimum include:




(1) Time and place for the general
meeting and the issues to be con-
sidered at the general meeting. If
the general meeting is to consider
a proposal to amend the Articles of
Association, then the notice shall
specify the material content of the
proposal.

(2)    En  beskrivelse  af  aktiekapitalens
størrelse og aktionærernes stem-
meret.
(2)   The  amount  of  the  share  capital
and the voting rights of the share-
holders.

(3)   Den i vedtægternes punkt 10.2
nævnte registreringsdato med en
tydeliggørelse af, at det alene er
selskaber eller personer, der på
denne dato er aktionærer i Sel-
skabet, der har ret til at deltage i
og stemme på generalforsamlin-
gen.
(3)   The   registration   date   stated   in
article 10.2 with a clear indication
that only companies or persons
holding shares in the Company as
at said date shall be entitled to
attend and vote at the general
meeting.





	
	34






(4)    Angivelse af hvor og hvordan den
komplette,   uforkortede   tekst   til
de dokumenter, der skal
fremlægges på
generalforsamlingen, dagsor-
denen og de fuldstændige forslag
kan fås, herunder den nøjagtige
internetadresse til Selskabets
hjemmeside,   hvor   dagsordenen
og de dokumenter nævnt i  punkt
12.2 vil blive gjort tilgængelige.
(4)   An indication of where and how to
obtain  the  full,  unbridged  text  of
the documents to be presented at
the general meeting, the agenda
and the complete proposals,
including  the  exact  internet
address of the Company's website
where the agenda and the other
documents   mentioned   in   article
12.2 will be made available.

(5)    Proceduren   for   stemmeafgivelse
ved fuldmagt, brev og ved
elektronisk stemmeafgivelse,
herunder at der vil blive stillet en
fuldmagtsblanket til rådighed for
enhver   stemmeberettiget   aktio-
nær.
(5)   The procedure for voting by proxy,
by postal and by electronic means,
and   the   Company   will   make   a
proxy form available for the
shareholders that are entitled to
vote.

(6) Såfremt            generalforsamlingen
gennemføres elektronisk eller
delvis elektronisk, jf. punkt 11.1,
skal indkaldelsen tillige indeholde
oplysninger derom samt om til-
melding  og  de  nærmere  krav  til
de elektroniske systemer som vil
blive anvendt. Indkaldelsen skal
angive, at oplysninger om frem-
gangsmåden ved elektronisk ge-
neralforsamling  vil  kunne  findes
på Selskabets hjemmeside.
(6)   If  the  general  meeting  is  conduc-
ted  by  electronic  means  or  partly
by   electronic   means,   cf.   article
11.1  this  shall  be  stated  in  the

convening notice together with the
details on how to sign up and what
the requirements are to the
electronic   systems   that   will   be
used. The convening notice shall
point out that detailed information
about the procedure will be avail-
able on the Company's website.

9.11   Generalforsamlingen        afholdes        på
engelsk,        uden        at        der        sker
simultantolkning til dansk.
The general meeting is held in English
without   simultaneous   translation   to
Danish.


9.12   Senest               tre               uger               før                     Not  later  than  three  weeks  prior  to  a





	
	35






generalforsamlingen skal følgende
oplysninger som minimum være
tilgængelige              på              Selskabets
hjemmeside:
general meeting the following infor-
mation, as minimum, shall be available
on the Company's website:


(1)     Indkaldelsen.                                                                (1)     The notice.

(2)     Det    samlede    antal    aktier    og
stemmerettigheder på datoen for
indkaldelsen.
(2)     The  total  number  of  shares  and
voting  rights  on  the  date  of  the
notice.

(3) De   dokumenter,   der   skal
fremlægges på
generalforsamlingen,     herunder
for den ordinære general-
forsamlings    vedkommende    den
reviderede årsrapport.
(3)     The  documents  to  be  submitted
to the general meeting, including
with  respect  to  the  annual
general meeting the audited
annual report.

(4)     Dagsordenen  og  de  fuldstændige

forslag.
(4)     The agenda and complete propo-

sals.

(5)     De formularer, der skal anvendes
ved   stemmeafgivelse   ved   fuld-
magt og ved brev.
(5)     The  forms  to  be  used  for  voting
by proxy or postal.

9.13   Dagsordenen       for       den       ordinære

generalforsamling skal omfatte:
The agenda of the annual meeting shall

include:

(1)     Bestyrelsens   beretning   om   Sel-
skabets virksomhed i det forløbne
regnskabsår.
(1)     A    report    from    the    board    of
directors on the Company's acti-
vities in the past financial year.

(2)     Godkendelse   af   den   reviderede

 årsrapport.
(2)     Approval  of  the  audited  annual

report.

(3) Beslutning om anvendelse af
overskud eller dækning af under-
skud i  henhold til  den  godkendte
(3)     A resolution on the distribution of
profit or the cover of loss in
accordance     with     the     annual





	
	36







 årsrapport.                                                                                 report adopted.

(4)     Valg         af         medlemmer         til

bestyrelsen.
(4)     Election of members to the board

of directors.


(5)     Valg af revisor.                                                            (5)     Election of auditor.

(6)     Bemyndigelse   til   erhvervelse   af

egne aktier.
(6)     Authorization     to     acquire     the

Company's own shares.

(7)     Eventuelle  forslag  fra  bestyrelse
eller aktionærer.
(7)     Any  proposals  submitted  by  the
board      of      directors      or      by
shareholders.


(8)     Eventuelt.                                                                       (8)     Any other business.


9.14 Forhandlingerne   på A  chairman  of  the  meeting  appointed
 generalforsamlingen ledes af en by the board of directors shall  preside
dirigent, der udpeges af bestyrelsen.
Dirigenten afgør alle spørgsmål
vedrørende emnernes behandling,
stemmeafgivning                                         og
stemmeresultaterne.
over the proceedings at general meet-
ings and decide upon all questions of
procedure, voting and voting results.

9.15 Et   referat   af   generalforsamlingen
indføres i en protokol. Referatet skal
underskrives af dirigenten og af
bestyrelsens formand. Senest to uger
efter generalforsamlingens afholdelse
skal  generalforsamlingsprotokollen
eller   en   bekræftet   udgave   af   denne
gøres      tilgængelig      for      Selskabets
aktionærer.
The proceedings at a general meeting
shall be recorded in a minute book and
be signed by the chairman of the gen-
eral 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 availa-
ble to the Company's shareholders.

9.16  Generalforsamlingsprotokollen skal for
hver beslutning som udgangspunkt
indeholde en fuldstændig redegørelse
for afstemningen, derunder om (i) hvor
As a general rule, for each resolution
made at the general meeting the mi- nute
book of the general meeting must set out
at a minimum the full details of





	
	37






mange aktier, der er afgivet gyldige
stemmer for, (ii) den andel af
aktiekapitalen, som disse stemmer
repræsenterer, (iii) det samlede antal
gyldige  stemmer, (iv)  det  samlede
antal af stemmer for og imod hvert
beslutningsforslag og (v) antallet af
eventuelle stemmeundladelser.
the  voting including  information on  (i)
the total number of shares for which valid
votes were cast, (ii) the propor- tion 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 res- olution,
and (v) the total number of ab-
stentions, if any.

9.17 Ønsker  ingen  af  aktionærerne  en
fuldstændig redegørelse for
afstemningerne, er det kun nødvendigt
i generalforsamlingsprotokollen      at
fastslå afstemningsresultatet for hver
beslutning. Dirigenten skal således i
forbindelse med hver
generalforsamlingsbeslutning have
afklaret  hvorvidt,  ingen  af
aktionærerne   ønsker   en   fuldstændig
redegørelse for afstemningen.
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 individ- ual
votes. Accordingly, the Chairman of the
general meeting shall have to clar- ify for
each individual vote  whether or not any
shareholders request the inclu- sion in
the minute book of the full de- tails of the
vote.

9.18 Senest            to             uger            efter
generalforsamlingens afholdelse skal
afstemningsresultatet       offentliggøres
på Selskabets hjemmeside.
Not later than two weeks after the gen-
eral  meeting  the  voting  results  from
the general meeting shall be posted on
the Company's website.

10      Møderet - Stemmeret


10.1   En   aktionærs  ret   til   at   deltage   i   og
afgive stemme på en generalforsamling
fastsættes i forhold til de aktier, som
aktionæren                  besidder                 på
registreringsdatoen.
Right of Attendance - Voting Right


A shareholders right to  attend  general
meetings and to vote at general meet-
ings is determined  on  the  basis of the
shares  that  the  shareholder  owns  on
the registration date.

10.2 Registreringsdatoen ligger en uge før
generalforsamlingens afholdelse. De
aktier, den enkelte aktionær besidder,
The  registration  date  is  one  week  be-
fore  the  general  meeting  is  held.  The





	
	38






opgøres på registreringsdatoen på
grundlag af noteringen af aktionærens
ejerforhold i ejerbogen samt
meddelelser om ejerforhold, som
Selskabet  har  modtaget  med  henblik
på indførsel i ejerbogen.
shares  which  the  individual  share-
holder owns are calculated on the reg-
istration date on the basis of the regis-
tration of ownership  in  the  Company's
Register of Shareholders as well as no-
tifications concerning ownership which
the Company has received with a view
to update the ownership in the Register
of Shareholders.

10.3 Enhver aktionær som senest tre dage
inden generalforsamlingens afholdelse
har  meddelt  Selskabet  sin  deltagelse,
og  som  har  modtaget  et  adgangskort,
er berettiget til personligt eller ved
fuldmagt at deltage i
generalforsamlingen. Adgangskort
udstedes  til  den  i  Selskabets  ejerbog
noterede aktionær.
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 ad-
mission card shall be entitled to attend
the  general  meeting,  either  in  person
or by proxy. Admission card will be is-
sued  to  the  holder  registered  in  the
Company's Register of Shareholders.

10.4 På  generalforsamlingen  giver  hvert
aktiebeløb på DKK 1 én stemme. En
aktionær har ret til at udøve
stemmerettighederne i tilknytning til
nogle  af  sine  aktier  på  en  måde,  der
ikke er identisk med udøvelsen af
stemmerettighederne   i   tilknytning   til
andre af dennes aktier.
Each share of DKK 1 has one vote at
general meetings. A shareholder may
exercise the voting rights attached to
some  of  his/her  shares  in  a  manner
that  is  not  identical  to  the  exercise  of
the voting rights attached to his/her
other shares.

10.5 Stemmeret kan udøves i henhold til
skriftlig  fuldmagt  eller  ved
brevstemme, og Selskabet skal senest
tre uger før generalforsamlingen gøre
formularer til brug herfor tilgængelige
på Selskabets hjemmeside. En
brevstemme skal være Selskabet i
hænde senest tre dage før
generalforsamlingens afholdelse  for  at
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 avail-
able on the Company's website. A vote by
postal must be received by the Com-
pany not later than three days prior to the
general meeting is held in order to be
counted at the general meeting.





	
	39







blive                        medtaget                        på

generalforsamlingen.

10.6   Aktionæren    eller    fuldmægtigen    kan
møde på generalforsamlingen sammen
med en rådgiver.
The   shareholder   or   the   proxyholder
may  attend  the  general  meeting  ac-
companied by an advisor.

10.7 Generalforsamlingen                      træffer
beslutning ved simpelt stemmeflertal,
medmindre  andet  følger  af
lovgivningen      eller      af      Selskabets
vedtægter.
At  general  meetings  resolutions  shall
be decided by simple majority of votes
unless otherwise prescribed by law or the
Articles of Association.

11      Elektronisk generalforsamling


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.
Electronic general meetings


When the board of directors finds it ap-
propriate 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 elec-
tronic general meeting). In this way,
shareholders will be able to attend, ex-
press their opinion and vote at the gen-
eral  meeting  by  electronic  means.  In
due course more information will be
made available on the Company's web-
site and in the notices convening the
general meetings involved, and written
information on the subject will also be
sent to shareholders listed in the Com-
pany's Register of Shareholders.





	
	40








12      Elektronisk kommunikation


12.1   Bestyrelsen er bemyndiget til at indføre
elektronisk kommunikation mellem
Selskabet  og  dets  aktionærer,  således
at Selskabet kan benytte elektronisk
dokumentudveksling og elektronisk
post, som nærmere angivet nedenfor i
sin kommunikation med aktionærerne.
Electronic communication


The  board  of  directors  has  been
granted authority to introduce elec-
tronic communication between the
Company and its shareholders, mean-
ing that the Company may use elec-
tronic document exchange and elec-
tronic   mail   as  specified  below  in   its
communication with the shareholders.

12.2   Indkaldelse af aktionærerne til ordinær
og ekstraordinær generalforsamling,
herunder de fuldstændige forslag til
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 e-mail.
The Company shall be able to send no-
tices convening annual and extraordi-
nary general meetings including the
complete proposals for amendments to
the articles of association, agenda, an-
nual 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.

12.3 Ovennævnte dokumenter, bortset fra
adgangskort   til   generalforsamlingen,
vil tillige blive offentliggjort på
Selskabets hjemmeside. På Selskabets
hjemmeside vil der tillige kunne findes
oplysning om kravene til de anvendte
systemer samt om fremgangsmåden i
forbindelse             med             elektronisk
kommunikation.
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.

12.4   Selskabet    er    forpligtet    til    at    bede
navnenoterede     aktionærer     om     en
The  Company must request registered
shareholders  for  an  electronic  address





	
	41






elektronisk adresse hvortil meddelelser
m.v. kan sendes, og det er den enkelte
aktionærs ansvar at sikre, at Selskabet
er     i     besiddelse     af     den     korrekte
elektroniske adresse.
to which notices can be sent, and it is
the  responsibility  of  each  shareholder
to ensure that the  Company is in pos-
session of a proper electronic address.

13      Bestyrelse


13.1 Til      Selskabets    bestyrelse      vælger
generalforsamlingen  mindst  fire  og
højst syv medlemmer.
Board of Directors




The general meeting shall elect at least
four  and  not  more  than  seven  direc-
tors.

13.2   Bestyrelsesmedlemmer,  som  er  valgt
af generalforsamlingen, afgår på hvert
 års  ordinære  generalforsamling,  men
kan genvælges.
The directors elected by the general
meeting shall retire from office at each
annual general meeting but shall be el-
igible for re-election.

13.3   Bestyrelsen   vælger   af   sin   midte   en
formand og en næstformand.
The  board  of  directors  elects  a  chair-
man  and a  vice-chairman  from among
its members.

13.4 Beslutninger  i  bestyrelsen  træffes,
medmindre andet er aftalt, med
almindelig stemmeflerhed. I tilfælde af
stemmelighed er formandens, og i
hans/hendes forfald næstformandens,
stemme udslagsgivende.
Unless otherwise decided by the board
of directors, decisions of the board of
directors shall be decided by simple
majority of votes. In the event of an
equality of votes, the chairman, and in
his/her    absence    the    vice-chairman,
shall have a casting vote.

13.5 Bestyrelsen        træffer        ved        en
forretningsorden  nærmere
bestemmelse    om    udførelsen    af    sit
hverv.
The  board  of  directors  shall  lay  down
rules of its proceedings.

13.6   Bestyrelsesmedlemmerne     oppebærer
et   årligt     honorar,  hvis  samlede
størrelse  skal  fremgå  af  årsrapporten
The directors shall be remunerated an-
nually as prescribed in the annual re-
port for the relevant year.





	
	42







for det pågældende år.

13.7   Bestyrelsen     kan     meddele    prokura,
enkel eller kollektiv.
The  board  of  directors  may  authorize
one   person   alone   or   more   persons
jointly   to   sign   for   the   Company   by
procuration.

14      Direktion


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.
Executive management




The board of directors shall employ at
least one but not more than four man-
agers to comprise the Company's exec-
utive management. Where more than
one manager is employed, one of them
shall be appointed managing director.

14.2 Bestyrelsen   er   bemyndiget   til   at
beslutte at lade Selskabet
skadesløsholde medlemmerne af
direktionen samt Selskabets
medarbejdere for visse krav, der er
knyttet til deres rolle i Selskabet.
The board of directors is authorized to
resolve  to  let  the  Company  indemnify
the members of executive manage- ment
and the Company's employees for
certain claims against these individuals
in connection with their services to the
Company.

Selskabets skadesløsholdelse omfatter
krav   og   rimelige   sagsomkostninger,
der er knyttet til den planlagte notering
af selskabet i USA og/eller Selskabets
efterfølgende status som noteret i USA.
The Company's indemnification covers
claims and reasonable legal costs aris-
ing from the listing of the Company in
the United States and/or the Compa- ny's
subsequent status as listed in the
United States.

Selskabets skadesløsholdelse skal ikke
omfatte følgende krav:
However,  the  Company's  indemnifica-
tion    shall    not    cover    the    following
claims:

1)   Krav mod en person, der gøres
gældende  efter  dansk  ret  ved
1)   Claims  against  a  person  according
to   Danish   law   raised   before   the





	
	43






en dansk domstol, medmindre
der er tale om krav, der er knyttet
til noteringen af Selskabet i USA
og/eller Selskabets
efterfølgende status
som noteret i USA,
Danish Courts, except claims aris-
ing from the listing of the Company
in the United States and/or the
Company's subsequent status as
listed in the United States,

2)   krav  mod  en  person  som  følge
af skader med tilhørende
sagsomkostninger, der skyldes
kriminelle handlinger og/eller
grov  uagtsomhed  eller
forsætlige handlinger eller
undladelser,  der  er  begået  af
personen,
2)   claims  against  a  person  for  dam-
ages and legal costs related to
criminal and/or grossly negligent or
willful acts or omissions committed
by the person,

3)  krav mod en person, som skyldes
opnåelse eller forsøg på at opnå en
gevinst   eller   anden   type   fordel,
som  personen  eller  en
nærtstående fysisk eller juridisk
person     til     personen     ikke     er
berettiget til at opnå, og/eller
3) claims against a person, which is
attributable to the gaining or pur-
ported  gaining  of any profit  or  ad-
vantage to which the individual or
any related natural or legal person
was not legally entitled, and/or

4) krav                  omfattet                  af
forsikringsdækning. Hvis
forsikringsselskabet nægter at
dække krav af andre årsager end
dem, der er nævnt oven for under
pkt. 1 og 2, vil Selskabets
skadesløsholdelse dække sådanne
krav under forudsætning af, at
Selskabet i sådanne tilfælde er
berettiget  til  på  ethvert  tidspunkt
at repræsentere den forsikrede
under hensyntagen til
forsikringsselskabet, og Selskabet
skal automatisk overtage samtlige
4)   claims covered by insurance. If the
insurance company refuses to pro-
vide cover for reasons other than
those mentioned in items 1 and 2
above, the Company's indemnifica-
tion will cover such claims, pro-
vided,  however  that  the  Company
in  such  event  shall  be  entitled  at
any  time  to  represent  the  insured
in respect of the insurance com- pany
and shall automatically by
subrogation enter into any and all
rights under said insurance policy.





	
	44







rettigheder         i         henhold         til

forsikringspolicen.

Selskabets skadesløsholdelse pr. krav
pr. person er begrænset til maksimalt
det bruttoprovenu, Selskabet opnår i
forbindelse med noteringen i USA.
The indemnification shall be limited to
a maximum amount per claim per per-
son equivalent to the gross proceeds
obtained by the Company in connection
with the listing in the United States.

Skadesløsholdelsen  skal  opretholdes  i

5   år   efter,   at   den   skadesløsholdte
person er fratrådt sin stilling hos
Selskabet,   hvis   de   krav,   der   rejses
inden  for denne  periode,  er  knyttet  til
personens tidligere hverv i Selskabet.
The   indemnification   shall   remain   in
force for a period of five years after the
resignation of the indemnified person
from such person's position with the
Company,  if  the   claims  made   within
such  period  are  related  to  such  per-
son's services to the Company.

15      Tegningsregel


15.1 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.
Signature Rules


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.



16      Revisor


16.1   Selskabets  årsrapport  revideres  af  en
statsautoriseret revisor.
Auditor


The Company's annual report shall be
audited by a state-authorized public
accountant.





	
	45








16.2   Revisor     vælges     af     den     ordinære
generalforsamling for et år ad gangen.
The auditor shall be elected by the an-
nual general meeting for one year at a
time.

17      Årsrapport


17.1   Selskabets               regnskabsår               er
kalenderåret.
Annual Report


The  financial  year  of  the  Company  is
the calendar year.

17.2   Selskabets   årsrapport   udarbejdes   og
aflægges udelukkende på engelsk.
The  Company's  annual  report  shall  be
prepared    and    submitted    in    English
only.

18      Selskabsmeddelelser


18.1 Selskabets         offentliggørelse         af
information i henhold til gældende
børslovgivning, herunder
selskabsmeddelelser,                            sker
udelukkende på engelsk.
Company Announcements


The Company's disclosure of infor-
mation pursuant to applicable securi-
ties legislation, including company an-
nouncements, shall be in English only.

19      Bilag


19.1   Bilag   8.1.a:   Warrants   (2011-1   em-
ployee incentive program), jf. vedtæg-
ternes § 8.1.
Schedules


Schedule 8.1.a: Warrants (2011-1 em-
ployee  incentive  program),  cf.  Article
8.1 of the Articles of Association.

19.2   Bilag   8.1.c:   Warrants   (2012-1   em-
ployee incentive program), jf. vedtæg-
ternes § 8.1.
Schedule 8.1.c: Warrants (2012-1 em-
ployee  incentive  program),  cf.  Article
8.1 of the Articles of Association.

19.3   Bilag    8.1.f:    Warrants   (2014-1    em-
ployee incentive program), jf. vedtæg-
ternes § 8.1.
Schedule 8.1.f: Warrants (2014-1 em-
ployee  incentive  program),  cf.  Article
8.1 of the Articles of Association.


19.4   Bilag   8.1.g:   Warrants   (2015-1   em-                    Schedule 8.1.g: Warrants (2015-1 em-
ployee  incentive  program),  cf.  Article





	
	46






ployee incentive program), jf. vedtæg-

ternes § 8.1.
8.1 of the Articles of Association.

19.5   Bilag  8.4:  Warrants  (2015-2 og 2015-

4   employee   incentive   program),   jf.
vedtægternes § 8.1. og 8.4.
Schedule  8.4.:  Warrants  (2015-2  and

2015-4  employee  incentive  program),
cf. Article 8.1 and 8.4 of the Articles of
Association.

19.6   Bilag   8.4.b:   Warrants   (2016-1   em-
ployee incentive program), jf. vedtæg-
ternes § 8.4.
Schedule 8.4.b: Warrants (2016-1 em-
ployee  incentive  program),  cf.  Article
8.4 of the Articles of Association.

19.7   Bilag   8.4.d:   Warrants   (2016-3   em-
ployee incentive program), jf. vedtæg-
ternes § 8.4.
Schedule 8.4.d: Warrants (2016-3 em-
ployee  incentive  program),  cf.  Article
8.4 of the Articles of Association.

19.8   Bilag   8.4.e:   Warrants   (2017-1   em-
ployee incentive program), jf. vedtæg-
ternes § 8.4.
Schedule 8.4.e: Warrants (2017-1 em-
ployee  incentive  program),  cf.  Article
8.4 of the Articles of Association.

19.9   Bilag    8.4.i:    Warrants    (2018-1    em-
ployee incentive program), jf. vedtæg-
ternes § 8.4.
Schedule 8.4.i: Warrants (2018-1 em-
ployee  incentive  program),  cf.  Article
8.4 of the Articles of Association.

19.10 Bilag   8.4.k:   Warrants   (2018-2   em-
ployee incentive program), jf. vedtæg-
ternes § 8.4.
Schedule 8.4.k: Warrants (2018-2 em-
ployee  incentive  program),  cf.  Article
8.4 of the Articles of Association.

19.11 Bilag    8.4.l:    Warrants    (2019-1    em-
ployee incentive program), jf. vedtæg-
ternes § 8.4.
Schedule 8.4.l: Warrants (2019-1 em-
ployee  incentive  program),  cf.  Article
8.4 of the Articles of Association.

19.12 Bilag   8.4.m:   Warrants   (2019-2   em-
ployee incentive program), jf. vedtæg-
ternes § 8.4.
Schedule    8.4.m:    Warrants    (2019-2
employee incentive program), cf. Arti-
cle 8.4 of the Articles of Association.


19.13 Bilag   8.4.n:   Warrants   (2019-3   em-                    Schedule 8.4.n: Warrants (2019-3 em-
ployee  incentive  program),  cf.  Article





	
	47






ployee incentive program), jf. vedtæg-

ternes § 8.4.
8.4 of the Articles of Association.

19.14 Bilag   8.4.o:   Warrants   (2019-4   em-
ployee incentive program), jf. vedtæg-
ternes § 8.4.
Schedule 8.4.o: Warrants (2019-4 em-
ployee  incentive  program),  cf.  Article
8.4 of the Articles of Association.

19.15 Bilag   8.4.p:   Warrants   (2020-1   em-
ployee incentive program), jf. vedtæg-
ternes § 8.4.
Schedule 8.4.p: Warrants (2020-1 em-
ployee  incentive  program),  cf.  Article
8.4 of the Articles of Association.

19.16 Bilag   8.4.q:   Warrants   (2020-3   em-
ployee incentive program), jf. vedtæg-
ternes § 8.4.
Schedule 8.4.q: Warrants (2020-3 em-
ployee  incentive  program),  cf.  Article
8.4 of the Articles of Association.

19.17   Bilag   8.4.r:   Warrants   (2020-2   em-
ployee incentive program), jf. vedtæg-
ternes § 8.4.
Schedule 8.4.r: Warrants (2020-2 em-
ployee  incentive  program),  cf.  Article
8.4 of the Articles of Association.

19.18 Bilag   8.4.s:   Warrants   (2020-4   em-
ployee incentive program), jf. vedtæg-
ternes § 8.4.
Schedule 8.4.s: Warrants (2020-4 em-
ployee  incentive  program),  cf.  Article
8.4 of the Articles of Association.

19.19 Bilag 8.7: Warrants (2020-5 employee
incentive program), jf. vedtægternes §
8.7.
Schedule  8.7:  Warrants  (2020-5  em-
ployee  incentive  program),  cf.  Article
8.7 of the Articles of Association

19.20   Bilag  8.7.a:   Warrants   (2020-6   em-
ployee incentive program), jf. vedtæg-
ternes § 8.7.
Schedule 8.7.a: Warrants (2020-6 em-
ployee  incentive  program),  cf.  Article
8.7 of the Articles of Association

19.21 Bilag   8.10.A:   Warrants   (2022-1   em-
ployee incentive program), jf. Vedtæg-
ternes § 8.10.
19.22 Bilag   8.10.B:   Warrants   (2022-2   em-

ployee incentive program), jf. Vedtæg-
ternes § 8.10.
Schedule   8.10.A:   Warrants   (2022-1
employee incentive program), cf. Arti-
cle 8.10 of the Articles of Association.
Schedule   8.10.B:   Warrants   (2022-2
employee incentive program), cf. Arti-
cle 8.10 of the Articles of Association.





	
	48







- 0 -                                                                                                    - 0 -

Vedtaget    på    Selskabets    bestyrelsesmøde
afholdt den 25. maj 2022.
Approved at Company's board meeting
held on 25 May 2022.





	
	


























BILAG 8.1.A TIL VEDTÆGTER FOR                                   EXHIBIT 8.1.A TO THE ARTICLES OF
ASSOCIATION FOR
ZEALAND PHARMA A/S                                                                   ZEALAND PHARMA A/S





	
	2






INDHOLDSFORTEGNELSE/TABLE OF CONTENTS




1                      FORMÅL...................................................................................................... . 3
1                      PURPOSE .................................................................................................... . 3
2                      TILDELING AF WARRANTS............................................................................... 4
2                      GRANT OF WARRANTS.................................................................................... 4
3                      ALMINDELIG UDNYTTELSE AF WARRANTS .......................................................... 5
3                      ORDINARY EXERCISE OF THE WARRANTS .......................................................... 5
4                      EKSTRAORDINÆR UDNYTTELSE AF WARRANTS ................................................... 6
4                      EXTRAORDINARY EXERCISE OF THE WARRANTS.................................................. 6
5                      PRAKTISK UDNYTTELSE AF WARRANTS............................................................ 10
5                      PRACTICALITIES IN CONNECTION WITH EXERCISE OF THE WARRANTS ................. 10
6                      TEGNINGSKURS FOR AKTIER VED UDNYTTELSE AF WARRANTS ............................ 11
6 SUBSCRIPTION   PRICE   FOR   SHARES   IN   CONNECTION   WITH   THE   EXERCISE   OF
WARRANTS ............................................................................................... . 11
7 REGULERING  AF  VILKÅR  FOR  WARRANTS  VED  VISSE  DEFINEREDE  ÆNDRINGER  I
SELSKABETS KAPITALFORHOLD ..................................................................... 11
7 ADJUSTMENT OF THE CONDITIONS FOR WARRANTS IN CASE OF CERTAIN DEFINED
CHANGES IN THE COMPANY'S CAPITAL STRUCTURE ........................................... 11
8                      OMSÆTTELIGHED ........................................................................................ 18
8                      TRANSFERABILITY ...................................................................................... . 18
9                      VILKÅR FOR NYE AKTIER UDSTEDT VED UDNYTTELSE AF WARRANTS .................... 19
9                      CONDITIONS FOR NEW SHARES ISSUED FOLLOWING EXERCISE OF THE WARRANTS
............................................................................................................... . 19
10                   KAPITALFORHØJELSE VED UDNYTTELSE AF WARRANTS ...................................... 20
10                   CAPITAL INCREASE IN CONNECTION WITH THE EXERCISE OF THE WARRANTS ....... 20
11                   OMKOSTNINGER I FORBINDELSE MED UDSTEDELSE AF AKTIER ........................... 21
11                   COSTS RELATED TO THE ISSUE OF SHARES ..................................................... 21
12                   OPHØR     AF     ANSÆTTELSESFORHOLDET     -     WARRANTINDEHAVERE,     DER     ER
MEDARBEJDERE ......................................................................................... . 21
12                   CEASE OF EMPLOYMENT STATUS - WARRANT HOLDERS WHO ARE EMPLOYEES........ 21
13                   INSIDERHANDEL ........................................................................................ . 22
13                   INSIDER TRADING...................................................................................... . 22
14                   SKATTEMÆSSIGE FORHOLD .......................................................................... 23
14                   TAX IMPLICATIONS...................................................................................... 23
15                   SPROG ..................................................................................................... . 24
15                   LANGUAGE ................................................................................................ . 24





	
	3








1         Formål                                                                                         1         Purpose

1.1     På   bestyrelsesmødet   i   Zealand   Pharma
A/S ("Selskabet") den 10. februar 2011
blev der i overensstemmelse med
vedtægternes  punkt  8.1  vedtaget
følgende nye bestemmelser vedrørende
udstedelse af warrants til visse af
Selskabets                                    medarbejdere
("Warrantindehaver") ("Warrants").
At the board meeting held in Zealand Pharma
A/S (the "Company") on February 2011, the
following new provisions were adopted in ac-
cordance with Article 8.1 of the Articles of
Association concerning the issuing of war-
rants to certain employees of the Company
(the "Warrant Holder") ("Warrants").

Bestyrelsen har besluttet at udstede op til

445.500  Warrants  i  Selskabet  til  tegning
af   op   til   445.500   aktier   til   kr.   1,00
(nominelt kr. 445.500) i henhold til
vedtægternes punkt 8.1. 23.776 warrants
er udnyttet den 21. marts 2015, 30.809
warrants er udnyttet den 11.  april  2015,
17.981  warrants  er  udnyttet  den  2.  juni

2015, 8.265 warrants er udnyttet den 20.
juni  2015,  62.008  warrants  er  udnyttet
den 8. september 2015, 36.076 warrants
er   udnyttet   den   26.   september   2015,
143.078 warrants er udnyttet den 13.
november 2015, 61.907 warrants er
udnyttet    den    4.    december    2015,    og
herefter udestår 61.600 warrants.
The Board of Directors has decided to issue
up to 445,500 Warrants in the Company for
the  subscription  of up  to  445,500  shares  of
DKK  1.00  (nominally DKK  445,500)  accord-
ing  to  Article  8.1  of the  Articles of  Associa-
tion. 23,776 warrants were exercised on 21
March 2015, 30,809 warrants were exercised

on 11 April 2015, 17,981 warrants were ex-
ercised on 2 June 2015, 8,265 warrants were
exercised on 20 June 2015, 62,008 warrants
were    exercised    on    8    September    2015,
36,076 warrants were exercised on 26 Sep-
tember 2015, 143,078 warrants were exer-
cised on 13 November 2015, 61,907 war- rants
were  exercised  on  4  December  2015,
and thus 61,600 warrants are outstanding.

1.2     Aftalen er del af en incitamentsordning, i
henhold til hvilken visse af Selskabets
medarbejdere  tilbydes  muligheden  for  at
få  tildelt  Warrants  i  Selskabet  med
henblik på at sikre, at Selskabet og
Warrantindehaverne har en fælles
interesse,   og   at   alle   således   gør   en
indsats  for,  at  Selskabets  værdi  udvikler
sig bedst muligt.
The Agreement is part of an incentive pro-
gramme according to which certain employ-
ees of the Company are offered an oppor-
tunity 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.





	
	4







1.3     Tildelingen af Warrants er betinget af, at
Warrantindehaveren enten er ansat i
Selskabet i uopsagt stilling på datoen for
denne     Aftale     eller     er     medlem     af
Selskabets bestyrelse
It  is  a  condition  for  the  grant  of  Warrants
that the Warrant Holder is either employed
with  the  Company  and  not  under  notice  at
the  date  of  this  Agreement  or  is  a  member
of the Board of Directors of the Company.

1.4     Warrantindehaveren tiltræder automatisk
 ændringer i Selskabets vedtægter, i det
omfang  betingelserne  for  en  beslutning
om vedtægtsændringer er til stede.
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.

1.5     Tegning  af  Warrants har fundet  sted  ved
underskrivelse af individuelle
warrantaftaler ("Warrantaftaler"), som
indeholder Warrantindehaverens navn og
antal tildelte Warrants.
The   subscription   for   Warrants   has   taken
place by signing of individual warrant agree-
ments ("Warrant Agreement"), which con- tain
the names of the Warrant Holder and the
number of Warrants granted.

1.6     Warrants  berettiger  Warrantindehaveren
til at tegne aktier på de nedenfor anførte
betingelser.
The  Warrants  entitle  the  Warrant  Holder  to
subscribe  the  shares  on  the  terms  set  out
below.


2         Tildeling af Warrants                                                       2         Grant of Warrants

2.1     Ligningslovens § 7H skal være gældende
i videst muligt omfang. Selskabets revisor
skal i sin lovpligtige erklæring anføre, i
hvilket omfang betingelserne for
anvendelse af § 7H er opfyldte. De øvrige
Warrants skal være underlagt
bestemmelserne i ligningslovens § 28.
Section 7H of the Danish Tax Assessment Act
(in Danish "Ligningsloven") shall apply to the
largest extent possible. The Company's au-
ditor will in  his statutory certification attest
to which extent the conditions for the appli-
cation of Section 7H are met. The remaining
Warrants  shall  be  subject  to  the  provisions
of Section 28 of the Danish Tax Assessment
Act.

2.2     Tildeling       af       Warrants       sker       uden
beregning.
The Warrants are granted free of charge.





	
	5






2.3 Hver Warrant berettiger
Warrantindehaveren til at tegne 1 aktie à
nominelt kr. 1,00 i Selskabet i henhold til
de relevante bestemmelser anført i punkt
3 - 5 til den i punkt 6 fastsatte tegningskurs.
Each Warrant entitles the Warrant Holder to
subscribe for 1  share  of  nominal  value  DKK
1.00  in  the  Company  pursuant  to  the  rele-
vant conditions as set forth in Clauses 3 - 5
and at the relevant subscription price as de-
termined in Clause 6.

2.4

I forbindelse med Selskabets ejerbog skal
der føres en fortegnelse over samtlige
udstedte Warrants.

In connection with the Company's register of
owners,   a   register   of  all   issued   Warrants
shall be kept.

3

Almindelig udnyttelse af Warrants

3         Ordinary Exercise of the Warrants

3.1

Warrants kan udnyttes i perioden fra 10.
februar 2014 til og med 10. februar 2016
("Udnyttelsesperioden") i de i punkt 3.2
anførte  udnyttelses-vinduer.  Warrants,
der ikke er udnyttet på eller før sidste dag af
Udnyttelsesperioden, bortfalder
automatisk  uden  yderligere  varsel
og/eller kompensation til
Warrantindehaveren.

The Warrants may be exercised in the period
from 10 February 2014 until (and including)
10 February 2016 ("Exercise Period") within

the  windows  set  forth  in  Clause  3.2.  War-
rants 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.

3.2 Inden      for      Udnyttelsesperioden      kan

Warrants udnyttes fire gange om året i et

4 ugers udnyttelses-vindue, der begynder
på  tidspunktet  for  offentliggørelse  af
enten Selskabets årsregnskab eller
perioderegnskab (henholdsvis 3, 6 eller 9
måneder).
Within   the   Exercise   Period,   the   Warrants
may be exercised four times a year during a
4-week window starting from the time of
publication of either the Company's annual
report or quarterly or semi-annual reports
(respectively 3, 6 and 9 months).

3.3

Warrantindehaveren er berettiget til at
udnytte alle eller en del af sine Warrants.
Warrantindehaveren kan dog ikke udnytte
mindre  end  25  procent  ad  gangen  af det
samlede antal Warrants, der er blevet
tildelt Warrantindehaveren i henhold til
Aftalen.

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. 





	
	6








4         Ekstraordinær udnyttelse af Warrants                4         Extraordinary Exercise of the War-

rants


4.1 Udover   den   almindelige   udnyttelse   af In addition to the ordinary exercise of War-
 Warrants    i    henhold    til    punkt    3    kan rants  as  set  out  in  Clause  3,  the  Board  of
 Selskabets   bestyrelse   efter   eget   skøn Directors of the Company may, in their sole
 beslutte,  at  en  ekstraordinær  udnyttelse discretion, decide that Warrants may be ex-
 af  Warrants  kan  finde  sted,  herunder  i traordinarily   exercised   including,   but   not
 overensstemmelse     med     -     men     ikke limited to, in accordance with Clauses 4.1.1
 begrænset  til  -  bestemmelserne  i  punkt - 4.1.6
 4.1.1 - 4.1.6.

4.1.1 Såfremt     Selskabets     generalforsamling
træffer beslutning om likvidation af
Selskabet, 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 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.
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 Com- pany
whether he/she wishes to exercise the
Warrants wholly or partly. If the Warrant
Holder does not wish to exercise the War-
rants, the Warrants shall automatically be-
come 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.

4.1.2 Såfremt      generalforsamlingen      træffer
beslutning om at fusionere Selskabet, og
fusionen medfører, at Selskabet ophører,
og      bestyrelsen      (efter      eget      skøn)
In the event that the general meeting passes
a resolution to merge the Company and such
merger results in the Company being discon-
tinued,  and  the  Board  of  Directors  (in  their





	
	7





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.
4.1.3 I tilfælde af et frivilligt eller pligtmæssigt
overtagelsestilbud i  henhold  til  §§  31  og
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
sole discretion) decide that Warrants there-
fore may be exercised, the Company shall
notify the Warrant Holder in writing to this
effect. Following such notification, the War-
rant Holder shall notify the Company in writ-
ing within two weeks as from the date of the
posting of this notification from the Company
whether he/she wishes to exercise the War-
rants  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 be-
fore 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 compen-
sation, following the expiry of the time-limit,
provided that the Company is finally discon-
tinued as a result of the notified resolution. Any
exercise of the Warrants must be in ac-
cordance with Clauses 5 and 6.


In  the  event that  a  voluntary or mandatory
public offer pursuant to Section 31 and 32 of
the  Danish  Securities  Trading  Act  is  made,
and the Board of Directors (in their sole dis-
cretion) decide that Warrants therefore may be
exercised, the Company shall notify the
Warrant Holder in writing to this effect. Fol-
lowing 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 War- rants
and this Agreement  will remain in  full effect.
Any exercise of the Warrants must be





	
	8






overensstemmelse med punkt 5 og 6.                        in accordance with Clauses 5 and 6.

4.1.3.1         Efter  gennemførelse  af  et  frivilligt
eller pligtmæssigt overtagelsestilbud i
henhold til §§ 31 og 32 i lov om
værdipapirhandel skal bestyrelsen træffe
beslutning om, at Warrants kan udnyttes
inden  for  en  4  ugers  periode.  Selskabet
skal give Warrantindehaveren skriftligt
besked 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 og denne Aftale. Udnyttelse af
Warrants   skal   ske   i   overensstemmelse
med punkt 5 og 6.
Following completion of a voluntary or man-
datory  public  offer  pursuant  to  Section  31
and 32 of the Danish Securities Trading Act,
the Board of Directors shall decide that War-
rants may be exercised within a 4- week pe-
riod. 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 War- rants
and this Agreement shall lapse. Any exercise
of the Warrants must be in accord-
ance with Clauses 5 and 6.

4.1.4 Såfremt der indledes en tvangsindløsning
af Selskabets aktier i henhold til
selskabsloven, 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
In the event that a compulsory acquisition of
the Company's shares pursuant to the Dan-
ish 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 noti-
fication, 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, follow-
ing the completion of the compulsory acqui-
sition  of  the  Company's  shares  pursuant  to
the  Danish  Companies  Act.  Any  exercise  of





	
	9






med punkt 5 og 6.                                                                  the  Warrants  must  be  in  accordance  with

Clauses 5 and 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. 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.
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 War-
rants 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 Company's shares.
In so far as the Warrant Holder does not wish to
exercise the Warrants, the Warrants shall
automatically become void without compen-
sation, following the completion of the delist-
ing of the Company. Any exercise of the War-
rants must be in accordance with Clauses 5
and 6.

4.1.5.1        Efter gennemførelse af Selskabets
afnotering fra NASDAQ OMX Copenhagen
A/S   skal   bestyrelsen   træffe   beslutning
om,  at  Warrants  kan  udnyttes  to  gange
om året inden for (den resterende del af)
Udnyttelsesperioden. Udnyttelse af
Warrants   skal   ske   i   overensstemmelse
med punkt 5 og 6.
4.1.6 Såfremt  Selskabet  beslutter  at  sælge  de
mest      rentable      og      væsentligste      af
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





	
	10





Selskabets aktiver, 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  Company  and  the  Board  of  Directors
(in  their  sole  discretion)  decide  that  War-
rants therefore may be exercised, the Com-
pany shall notify the Warrant Holder in writ- ing
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 Agree-
ment shall remain in full effect. Any exercise
of the Warrants must be in accordance with
Clauses 5 and 6.


5         Praktisk udnyttelse af Warrants                             5         Practicalities   in   connection   with

Exercise of the Warrants

5.1     Såfremt   Warrantindehaveren   ønsker   at
udnytte             en             Warrant,             skal
Warrantindehaveren                      underrette
Selskabet skriftligt herom  -  ved hjælp af
den  tegningsblanket,  som  Selskabet  har
tilsendt                             Warrantindehaveren
("Udnyttelsesmeddelelse").
Udnyttelsesmeddelelsen    betragtes    som
afgivet       af       Warrantindehaveren       på
tidspunktet     for     dets     aflevering      på
Selskabets                    adresse                   (Att.
bestyrelsesformanden)    med    almindelig
post, anbefalet post, med fax eller pr. bud
efter  begyndelsen  og  før  udløbet  af  den
relevante                                   afleveringsfrist.
Udnyttelsesmeddelelsen         skal         være
behørigt  udfyldt.  Selskabet  har  ret  til  at
 ændre   i   de   praktiske   forhold   omkring
udnyttelse            af            Warrants,            og
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 Com- pany’s address (for the
attention of the chairman of the Board of
Directors) by regu- lar 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 en- titled to change the
practicalities in connec- tion with the exercise
of the Warrants, and if so  decided  by  the
Company,  the  Warrant





	
	11






 Warrantindehaveren  vil  blive  underrettet
skriftligt, hvis Selskabet beslutter dette.
Holder will be notified in writing by the Com-
pany.

5.2









6

Samtidig med at give meddelelse om
udnyttelse af Warrants skal
Warrantindehaveren indbetale et
kontantbeløb   til   Selskabet   svarende   til
det relevante tegningsbeløb fastsat i
henhold til punkt 6.
Tegningskurs         for         aktier         ved

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


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

Warrants

6.1

Hver Warrant giver Warrantindehaveren
ret til at tegne 1 aktie à nominelt kr. 1,00
i Selskabet til en tegningspris på kr. 77,00
("Tegningskursen").

Each Warrant entitles the Warrant Holder to
subscribe for 1 share in the Company of a
nominal value of DKK 1.00 at a subscription
price  of  DKK  77.00  (the  "Subscription
Price").

6.2

Tegningskursen kan reguleres som anført
i Aftalen.

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

7

Regulering af vilkår for Warrants ved

7         Adjustment  of  the  Conditions  for
visse        definerede        ændringer        i

Selskabets kapitalforhold
Warrants in case of certain defined

Changes  in  the  Company's  Capital

Structure

7.1  Såfremt     der     gennemføres     visse
definerede ændringer i Selskabets
kapitalforhold,  som  indebærer  en
reduktion eller en forøgelse af værdien af de
tildelte Warrants, skal der foretages en
regulering af Tegningskursen og/eller
antallet af aktier, som kan tegnes ved
udnyttelse  af  Warrants,  således  at
værdien   af   Warrants   forbliver   uændret
med de undtagelser, der er gældende i
henhold  til  Aftalen.  Tegningskursen  kan
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.





	
	12





dog ikke fastsættes til under nominel
værdi. Herudover er det en betingelse for
reguleringen af antallet af aktier, som kan
tegnes ved udnyttelse af Warrants, at
Selskabets bestyrelse har fået tildelt den
nødvendige bemyndigelse af
generalforsamlingen    til    at    udstede    et
sådant yderligere antal aktier i Selskabet.
Further, it is a condition for any adjustment
of the number of shares that can be sub-
scribed  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:
Should  the  competent  bodies  of  the  Com-
pany make a final decision to issue bonus
shares (e.g. stock dividend) before the War-
rant Holder has exercised his or her War- rants,
the  Subscription  Price  shall  be  multi- plied by
the following factor:

          A
(A   B)

1
          A
(A   B)

1
og antallet af aktier med

hvor:


A:      er Selskabets nominelle aktiekapital
før udstedelse af fondsaktier,
B:      er    den    nominelle    værdi    af    de

fondsaktier, der udstedes.
and the number of shares by

where:


A:       is the Company's nominal share capi-
tal before the issue of bonus shares;
B:       is   the   nominal   value   of   the   bonus

shares to be issued.

7.3     Såfremt Selskabets kompetente instanser
træffer endelig beslutning om at forhøje
Selskabets   aktiekapital   ved   tegning   af
nye aktier til en kurs, der er lavere end
markedskursen, inden
Warrantindehaveren har udnyttes sine
Warrants, skal Tegningskursen
multipliceres med følgende faktor:
Should  the  competent  bodies  of  the  Com-
pany make a final decision to increase the
Company's share capital by subscription of
new shares at a price below market price be-
fore the Warrant Holder has exercised his or
her Warrants, the Subscription Price shall be
multiplied by the following factor:





	
	13







   (A k) (B t)    (A k) (B t)
(A   B)  k

1
(A   B)  k

1
og antallet af aktier med

hvor:


A:       er Selskabets nominelle aktiekapital
forud for kapitalforhøjelsen,
B:       er     den     nominelle     forhøjelse     af

aktiekapitalen,

k:       er  aktiernes  markedskurs  forud  for
kapitalforhøjelsen
t:        er Tegningskursen på de nye aktier.
and the number of shares by

where:


A:       is the Company's nominal share capi-
tal before the capital increase;
B:       is  the  nominal  increase  of  the  share

capital;

k:       is  the  market  price  of  the  shares  be-
fore the capital increase;
t:        is  the  Subscription  Price  for  the  new

shares.

7.4     Såfremt Selskabets kompetente instanser
træffer endelig beslutning om at ændre
aktiernes nominelle værdi i forbindelse med
en beslutning, hvorved Selskabets
aktiekapital  nedsættes  ved  hensættelse til
en særlig fond og/eller til dækning af
underskud,  inden  Warrantindehaveren har
udnyttet sine Warrants, skal der hverken
ske ændringer i Tegningskursen eller
antallet  af  aktier. Warrantindehaveren
beholder således sin ret til at tegne det
samme antal aktier til Tegningskursen.
Hver Warrant skal dog berettige
Warrantindehaveren til at tegne
1 aktie med den nye nominelle værdi, der
er      blevet      besluttet      af      Selskabets
kompetente instanser.
Should  the  competent  bodies  of  the  Com-
pany 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.

7.5     Såfremt Selskabets kompetente instanser
træffer endelig beslutning om at ændre
aktiernes  nominelle  værdi  (uden
samtidige       ændringer       i       Selskabets
Should  the  competent  bodies  of  the  Com-
pany make a final decision to change the
nominal  value  of  the  shares  (without  any
other simultaneous changes of the capital of





	
	14





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:
the Company), e.g. in situations not com-
prised by Clause 7.4, before the Warrant
Holder has exercised his or her Warrants, the
Subscription Price shall be multiplied by the
following factor:

    A B

1
    A B

1
og antallet af aktier med

hvor:
and the number of shares by

where:


A: er den nominelle værdi af hver enkel A: is the nominal value of each share af-
 aktie    efter   ændring   af   aktiernes  ter  the  nominal  value  of  the  shares
 nominelle værdi,  has been changed;
B: er den nominelle værdi af hver enkel B: is the nominal value of each share be-
 aktie     før     ændring     af     aktiernes  fore  the  nominal  value  of  the  shares
 nominelle værdi.  has been changed.

7.6     Såfremt  Selskabet  i  et  hvilket  som  helst
 år  beslutter  at  udbetale  dividende,  skal
det pågældende beløb betragtes som
udbetaling til aktionærerne, hvilket vil
indebære            en            regulering            af
Tegningskursen som følger:
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:



TK1  = TK -
hvor:
u (D 1 )
D


TK1  = TK -
where:
u (D 1 )
D

TK:   er    Tegningskursen    for    Warrants
forud for udbetaling af dividende,
u:       er det totale dividendebeløb,

D:      det totale antal aktier i Selskabet.
TK:    is the  Subscription  Price  for  the  War-
rants before the distribution of divi-
dends;
u:       is the total amount of dividends;

D:      is  the  total  number  of  shares  in  the

Company.





	
	15





7.7 Såfremt       Selskabets       aktiekapital
nedsættes  ved  udbetaling  til
aktionærerne til en højere kurs end
markedskursen,      skal      Tegningskursen
beregnes som følger:
If the share capital of the Company is re- duced
by means of payment to the share- holders  at
a  price  higher  than  the  market price,  the
Subscription  Price  shall  be  calcu-
lated as follows:





TK1  = TK -
hvor:


B ( t k)
A


TK1  = TK -
where:
B ( t k)
A


TK:    er    Tegningskursen     for    Warrants
forud for nedsættelse af
aktiekapitalen,
A:       er Selskabets nominelle aktiekapital

forud         for         nedsættelsen         af
aktiekapitalen,
B:      er den nominelle nedsættelse af
aktiekapitalen,
k:          er aktiernes markedskurs forud for
kapitalnedsættelsen,
t:        er   kursen   på   de   aktier,   hvormed

aktiekapitalen nedsættes.
TK:    is the  Subscription  Price for Warrants
before the reduction of the share cap-
ital;
A:     is the nominal share capital of the
Company before the reduction of the
share capital;
B:          is the nominal reduction of the share
capital;
k:       is  the  market  price  of  the  shares  be-

fore the reduction of capital;

t:        is the rate of the shares by which the
share capital is reduced.

7.8 Såfremt       Selskabets       aktiekapital
nedsættes  ved  udbetaling  til
aktionærerne til en lavere kurs end
markedskursen, skal Tegningskursen
beregnes således:
If the share capital of the Company is re- duced
by payment to the shareholders at a price
lower than the  market price, the  Sub-
scription Price shall be calculated as follows:


B ( k t)




TK1  = TK +


B ( k t)
A
TK1  = TK +                A

where:

hvor:


TK:    er    Tegningskursen     for    Warrants
forud for nedsættelsen af
aktiekapitalen,
TK:    is the  Subscription  Price for Warrants
before the reduction of the share cap-
ital;
A:       is  the  nominal   share   capital  of   the

Company  before  the  reduction  of  the





	
	16





A:       er Selskabets nominelle aktiekapital
forud for nedsættelsen af
aktiekapitalen,
B:      er den nominelle nedsættelse af
aktiekapitalen,
k:       er  aktiernes  markedskurs  forud  for

kapitalnedsættelsen,

t:      er kursen på de aktier, hvormed
aktiekapitalen nedsættes.
7.9   Såfremt Selskabet fusionerer som det
fortsættende selskab, foretages ingen
regulering af Tegningskursen eller af
antallet af aktier, der kan tegnes.
share capital;

B:       is  the  nominal  reduction  of  the  share
capital;
k:       is  the  market  price  of  the  shares  be-
fore the reduction of capital;
t:        is the rate of the shares by which the

share capital is reduced.




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.

7.10 Såfremt      generalforsamlingen      træffer
beslutning om at spalte Selskabet, skal
Warrantindehaveren efter spaltningen
have   et   antal   Warrants   med   ret   til   at
tegne aktier i det fortsættende selskab,
som   Warrantindehaveren   er   eller   ville
have været ansat i, eller, hvis
Warrantindehaveren  ikke  er  eller  har
været  ansat  i  Selskabet,  i  det  selskab,
som Warrantindehaveren er nærmest
knyttet til. Antallet af Warrants skal give
Warrantindehaveren adgang til potentielt
samme  ejerandel,  som  en  udnyttelse  af
alle Warrants forud for spaltningen ville
have givet, justeret med forholdet mellem
værdien af de forskellige fortsættende
selskaber. Herudover skal vilkårene for de
fortsættende Warrants være de samme
som anført i denne Aftale.
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 en-
title 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 War-
rants 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 compa-
nies. Moreover, the terms applying to the
surviving Warrants shall be the same as the
terms stipulated in this Agreement.





	
	17





7.11 I    andre      tilfælde,    hvor    Selskabets
kapitalforhold ændres, herunder ved
udstedelse af warrants, konvertible
gældsbreve eller lignende, således at
værdien  af  de  udstedte  Warrants
påvirkes, skal Tegningskursen for de
tildelte Warrants så vidt muligt reguleres,
således   at   værdien   ikke   forringes   eller
forøges, jf. dog punkt 7.14 forneden.
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.

7.12   Tegningskursen kan ikke reduceres til en
lavere  værdi  end  aktiernes  nominelle
værdi  (kurs  pari).  Såfremt  en  regulering
af Warrants, de skal sikre disses værdi,
medfører,   at   kursen   skal   reduceres   til
under kurs pari, bortfalder Warrants,
medmindre Warrantindehaveren
accepterer, at Tegningskursen forhøjes til
kurs pari uden kompensation.
7.13   Såfremt     aktiekapitalen     nedsættes     til

dækning af underskud, skal antallet af
aktier,  som  Warrantindehaveren  kan
tegne ved udnyttelse af Warrants,
reduceres (nedrundet) i et forhold
svarende til forholdet mellem den
nominelle kapitalnedsættelse og
Selskabets   samlede     nominelle
aktiekapital før nedsættelsen.
7.14 Ved  følgende  ændringer  i  Selskabets
kapitalforhold skal der ikke foretages
regulering  af  Tegningskursen  eller antallet
af  aktier,  som Warrantindehaveren kan
tegne:



(i)  Forhøjelse eller nedsættelse af
Selskabets aktiekapital til
markedskurs,   herunder   udstedelse
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  re-
sult 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 exer-
cising  the  Warrants  shall  be  reduced
(rounded down) proportionately to the nom-
inal reduction of the capital, compared to the
total nominal share capital of the Company
before the reduction.


The  following  changes  in  the  capital  struc-
ture  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:


(i)          An increase or reduction of the Com-
pany's capital at market price, includ-
ing issue of shares according to Clause
7.1 in the Articles of Association of the





	
	18





af  aktier  i  henhold  til  punkt  7.1  i

Selskabets vedtægter.


(ii)  Udstedelse  af  aktier,  optioner,
warrants eller lignende til
medarbejdere af Selskabet eller
medarbejdere  af  et
koncernforbundet selskab og/eller af
disses helejede selskaber til enkelte
eller  flere  medarbejdere,  eventuelt
til en favørkurs, herunder, men ikke
begrænset til udstedelse af aktier i
henhold til punkt 8.1 i Selskabets
vedtægter vedrørende warrants.


(iii)   Udstedelse af warrants, konvertible
gældsbreve eller lignende til
tredjemand på sædvanlige
markedsvilkår som led i
mezzaninfinansiering      eller      dertil
svarende finansiering.
Company.


(ii)     Issue  of  shares,  options,  warrants  or
the like to employees of the Company
or to employees of a group-related
company and/or their fully owned
companies for some or more of the
employees, possibly at a favourable
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 in-
struments  or  the  like  to  third  parties
on usual market terms as part of mez-
zanine financing or similar financing.

7.15 Såfremt antallet af nye aktier, som kan
tegnes  ved  udnyttelse  af  Warrants,
forøges i overensstemmelse med dette
punkt      7,      skal      Selskabets      højeste
aktiekapital forøges tilsvarende.
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.


8         Omsættelighed                                                                     8         Transferability

8.1     De enkelte Warrants er ikke-omsættelige
instrumenter. Enhver form for
overdragelse, pantsætning eller anden
afståelse   af   en   Warrant   kan   kun   finde
sted, hvis der indhentes forudgående
skriftligt samtykke fra Selskabets
bestyrelse,  og  kan  blive  tilladt,  nægtet
eller   gøres   betinget   efter   bestyrelsens
Each Warrant is a non-negotiable instru- ment.
Any transfer, pledging or other assign- ment
of  a  Warrant  shall  be  subject  to  the prior
written  consent  of the  Board  of Direc- tors of
the Company, which may be granted, denied or
conditioned in the absolute discre- tion of the
Board of Directors of the Company (with the
exception of a transfer due to the





	
	19





absolutte skøn (med undtagelse af
overdragelse i tilfælde af
Warrantindehaverens  død,  i  hvilket
tilfælde bestyrelsen skal godkende
overdragelse     til     Warrantindehaverens
nærmeste slægtninge).
death  of  the  Warrant  Holder,  in  which  case
the Board of Directors shall approve a trans-
fer mortis causa to the Warrant Holder’s
closest relatives).


8.2 Warrants   må   ikke   underkastes   nogen
form for tvangsfuldbyrdelse og må ikke
stilles som sikkerhed over for tredjepart.
The Warrants may not be subject to enforce-
ment of any kind and may not be lodged as
security towards a third party.

9

Vilkår   for   nye   aktier   udstedt   ved
udnyttelse af Warrants

9 Conditions  for  New  Shares  issued
following Exercise of the Warrants

9.1

Følgende  vilkår  skal  være  gældende  for
nye aktier tegnet ved udnyttelse af
Warrants under denne Aftale:

The following terms and conditions shall ap-
ply to the new shares issued by the exercise
of Warrants covered by this Agreement,



(i)      for  de  nye  aktier  gælder  der  ikke
(i)       the   existing   shareholders   shall   not
have any pre-emptive right to the new
 fortegningsret   for   de   eksisterende
aktionærer,
shares;


(ii)      the new shares issued on the basis of
 (ii)     de nye aktier udstedt på grundlag af exercised Warrants shall be paid up in
udnyttede Warrants indbetales
kontant samtidig  med  fremsendelse
af Udnyttelsesmeddelelse,


(iii)    de nye aktier skal udstedes på navn
og skal registreres i
Warrantindehaverens navn i
Selskabets ejerbog,



(iv) de      nye    aktier      skal      være
omsætningspapirer,


(v)     de     nye     aktier     skal     være     frit
cash at the same date as the Exercise

Notice is forwarded;


(iii)    the new shares shall be issued in the
holder's  name  and  shall  be  registered
in  the  name  of  the  Warrant  Holder  in
the Company's register of sharehold-
ers;


(iv)  the new shares shall be negotiable shares;


(v)     the new shares are freely transferable;





	
	20





omsættelige,


(vi)    for de nye aktier skal der ikke gælde
indskrænkninger i fortegningsretten
ved fremtidige kapitalforhøjelser,


(vii)   de nye aktier skal give ret til udbytte
og andre rettigheder i Selskabet fra
tidspunktet for den relevante
kapitalforhøjelses registrering hos
Erhvervs- og Selskabsstyrelsen,


(viii) i tilfælde af generelle ændringer i
aktiernes rettigheder skal de nye
aktier give samme rettigheder som
Selskabets øvrige aktier på
udnyttelsestidspunktet, og


(ix) Selskabet             skal             afholde
omkostningerne i forbindelse med
udstedelse af Warrants i henhold til
Aftalen  og  omkostningerne
forbundet med efterfølgende
udnyttelse af Warrants. Selskabets
omkostninger i forbindelse med
udstedelse af Warrants i henhold til
Aftalen og den dertil hørende
kapitalforhøjelse      anslås      til      at
andrage højst kr. 200.000.
(vi)    the    pre-emptive    right    of    the    new
shares in connection with future capital
increases shall not be limited;



(vii)  the new shares shall carry a right to
dividend and other rights in the Com-
pany as from the time when the rele-
vant capital increase has been regis-
tered by the Danish Commerce and
Companies Agency;


(viii)  in case of any general changes in the
rights  of  the  shares  in  the  Company,
the new shares shall carry the same
rights as the other shares in the Com-
pany at the time of exercise; and


(ix)   the Company shall pay the costs in
connection  with  the  issue of  Warrants
pursuant to this Agreement and the
costs in connection with the subse-
quent exercise of the Warrants. The
Company's   costs   in   connection   with
the issue of Warrants pursuant to this
Agreement and the related capital in-
crease are estimated at maximum DKK
200,000.

10      Kapitalforhøjelse   ved   udnyttelse   af

Warrants
10      Capital     Increase    in     connection

with the Exercise of the Warrants

10.1 Såfremt      Warrantindehaveren      giver
rettidig meddelelse om udnyttelse af
Warrants, skal Selskabet gennemføre den
dertil hørende kapitalforhøjelse.
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.





	
	21





10.2 Størstebeløbet af den kapital, der kan
tegnes  på  grundlag  af  Warrants  er
nominelt   kr.   445.500   (op   til   445.500
aktier à kr. 1,00) og mindstebeløbet er kr.
1,00  (1  aktie  à  kr.  1,00)  Størstebeløbet
kan forøges eller reduceres i henhold til
bestemmelserne om regulering i punkt 7.
The  maximum  increase  of  capital  that  may
be subscribed on basis of Warrants is nomi-
nally DKK 445,500 (up to 445,500 shares at
DKK 1.00 each) and the minimum amount is
DKK 1.00 (1 share at DKK 1.00) The maxi-
mum  amount  may  be  increased  or  reduced
in accordance with the provisions on adjust-
ment set forth in Clause 7.

11      Omkostninger     i     forbindelse     med

udstedelse af aktier
11      Costs    related    to    the    Issue    of

Shares

11.1   Selskabet  bærer  samtlige  omkostninger
til børsmægler samt afregningshonorar
forbundet      med      Warrantindehaverens
udnyttelse af Warrants.
All costs related to the stockbroker and set-
tlement fees charged in connection with the
Warrant  Holder's  exercise  of  the  Warrants
shall be borne by the Company.

12      Ophør     af      ansættelsesforholdet     -
Warrantindehavere,              der              er
medarbejdere
12      Cease of Employment Status - War-
rant Holders who are Employees

12.1   Med forbehold af bestemmelserne i punkt

12.2 forneden og i tilfælde af, at
Warrantindehaverens ansættelsesforhold
hos  Selskabet  ophører  forud  for
udnyttelse  af (resterende) Warrants  som
følge af en af følgende grunde:


(i)      Warrantindehaverens       fratrædelse
ved             opnåelse             af             den
fratrædelsesalder,  der  er  fastlagt  i
Warrantindehaverens
ansættelseskontrakt,      eller      fordi
Warrantindehaveren                      bliver
berettiget til folkepension,


(ii)     Warrantindehaverens    opsigelse    af
ansættelsesforholdet,    forudsat    at
Subject to Clause 12.2 below, and if the War-
rant Holder’s employment with the Company
is terminated prior to the exercise of the (re-
maining) Warrants for one of the following
reasons:



(i)       the Warrant Holder's retirement at the
age provided  for in  the Warrant  Hold-
er's service contract, or because the
Warrant Holder is entitled to the Dan- ish
State Retirement Pension (in Dan- ish:
"folkepension");


(ii)      the   Warrant   Holder's   termination   of
the employment relationship, provided





	
	22





opsigelsen skyldes Selskabets grove
misligholdelse af
ansættelseskontrakten,



(iii) Selskabets           opsigelse            af
ansættelsesforholdet uden varsel,
forudsat at opsigelsen ikke skyldes
Warrantindehaverens misligholdelse
af ansættelseskontrakten, eller



(iv)    Warrantindehaverens død,


er                                       Warrantindehaveren/
Warrantindehaverens  bo  berettiget  til  at
beholde sine Warrants.
such termination is due to the Compa-
ny's material breach (in Danish "grov
misligholdelse") of the service con-
tract;


(iii)     the Company's termination without no-
tice of the employment relationship,
provided such termination is not due to
the Warrant Holder's breach (in Danish
"misligholdelse") of the service con-
tract; or


(iv)     the Warrant Holder's death;

then the Warrant Holder/the estate of the
Warrant Holder shall be allowed to keep his
or her Warrants.

12.2   Samtlige  Warrants  bortfalder  automatisk
og uden kompensation i tilfælde af, at
Warrantindehaverens ansættelsesforhold
hos Selskabet ophører forud for
udnyttelsen  af  Warrants af  andre  grunde
end dem, der er nævnt i punkt 12.1, (i) -
(iv) foroven.
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 War-
rants   for   reasons   other   than   the   reasons
listed in Clause 12.1, item (i) to (iv) above.


13      Insiderhandel                                                                        13      Insider Trading

13.1 Salg af aktier, der er tegnet gennem
udnyttelse af Warrants er underlagt de til
enhver tid gældende bestemmelser om
insiderhandel,  herunder  Selskabets
interne  regler  om  handel  med
værdipapirer udstedt af Selskabet.
Sale of shares subscribed for by any exercise of
Warrants is subject to the provisions on insider
trading applicable at any time, in- cluding the
Company's internal rules govern- ing trade in
securities issued by the Com- pany.





	
	23






14      Skattemæssige forhold                                                   14      Tax Implications

14.1   Det er aftalt, at  ligningslovens § 7H  skal
være   gældende   for   Warrants   i   videst
muligt omfang, jf. punkt 2.1. Ellers skal
Warrants   være   underlagt
bestemmelserne i ligningslovens § 28, jf.
punkt 2.1
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.

14.2   Selskabet   forpligter   sig   til   at   anmode
revisor om at attestere, i hvilket omfang,
dvs. for hvilket antal af Warrants,
ligningslovens  §  7H  er  gældende.
Desuden forpligter Selskabet sig til at
fremsende revisorens erklæring
vedrørende opfyldelse af betingelserne i
ligningslovens § 7H samt en kopi af
Warrantaftalerne         til         de         danske
skattemyndigheder.
The Company undertakes to request the au-
ditor of the Company to certify to which ex-
tent, i.e. to which amount of Warrants, Sec-
tion 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.

14.3 Samtlige skattemæssige forpligtelser og
konsekvenser  for  Warrantindehaverne
som  følge  af  Warrantaftalerne,  de
udstedte 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.
14.4   Warrantindehaverne  er  kraftigt  opfordret
til at søge skattemæssig rådgivning i
forbindelse med indgåelsen af
Warrantaftalerne.
All  tax obligations  and  consequences  to  the
Warrant  Holders resulting  from the  Warrant
Agreements, the Warrants issued or the shares
acquired by the exercise of such War- rants,
are the sole responsibility of the War- rant
Holders and of no concern to the Com- pany,
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 encour- aged
to seek tax advice in connection with entering
into the Warrant Agreements.





	
	24






15      Sprog                                                                                            15      Language

15.1   I tilfælde af uoverensstemmelser mellem
den danske og den engelske version af
dette bilag skal den danske version være
gældende.
In case of disagreements between the Dan-
ish  and  the  English  version  of  this  exhibit,
the Danish version shall prevail

























































70066590\3557428v1 *





	
	




























BILAG 8.1.C TIL VEDTÆGTER FOR                                    EXHIBIT 8.1.C TO THE ARTICLES OF
ASSOCIATION FOR
ZEALAND PHARMA A/S                                                                   ZEALAND PHARMA A/S





	
	2




INDHOLDSFORTEGNELSE/TABLE OF CONTENTS


INDHOLDSFORTEGNELSE/TABLE OF CONTENTS .................................................................. 2
1                      FORMÅL...................................................................................................... . 3
1                      PURPOSE .................................................................................................... . 3
2                      TILDELING AF WARRANTS............................................................................... 4
2                      GRANT OF WARRANTS.................................................................................... 4
3                      ALMINDELIG UDNYTTELSE AF WARRANTS .......................................................... 5
3                      ORDINARY EXERCISE OF THE WARRANTS .......................................................... 5
4                      EKSTRAORDINÆR UDNYTTELSE AF WARRANTS ................................................... 5
4                      EXTRAORDINARY EXERCISE OF THE WARRANTS.................................................. 5
5                      PRAKTISK UDNYTTELSE AF WARRANTS.............................................................. 5
5                      PRACTICALITIES IN CONNECTION WITH EXERCISE OF THE WARRANTS ................... 5
6                      TEGNINGSKURS FOR AKTIER VED UDNYTTELSE AF WARRANTS .............................. 6
6 SUBSCRIPTION   PRICE   FOR   SHARES   IN   CONNECTION   WITH   THE   EXERCISE   OF
WARRANTS ................................................................................................. . 6
7 REGULERING  AF  VILKÅR  FOR  WARRANTS  VED  VISSE  DEFINEREDE  ÆNDRINGER  I
SELSKABETS KAPITALFORHOLD ....................................................................... 6
7                      ADJUSTMENT OF THE CONDITIONS FOR WARRANTS IN CASE OF CERTAIN DEFINED
CHANGES IN THE COMPANY'S CAPITAL STRUCTURE ............................................. 6
8                      OMSÆTTELIGHED .......................................................................................... 6
8                      TRANSFERABILITY ........................................................................................ . 6
9                      VILKÅR FOR NYE AKTIER UDSTEDT VED UDNYTTELSE AF WARRANTS ...................... 7
9                      CONDITIONS FOR NEW SHARES ISSUED FOLLOWING EXERCISE OF THE WARRANTS
................................................................................................................. . 7
10                   KAPITALFORHØJELSE VED UDNYTTELSE AF WARRANTS ........................................ 7
10                   CAPITAL INCREASE IN CONNECTION WITH THE EXERCISE OF THE WARRANTS ......... 7
11                   OMKOSTNINGER I FORBINDELSE MED UDSTEDELSE AF AKTIER ............................. 7
11                   COSTS RELATED TO THE ISSUE OF SHARES ....................................................... 7
12                   OPHØR     AF     ANSÆTTELSESFORHOLDET     -     WARRANTINDEHAVERE,     DER     ER
MEDARBEJDERE ............................................................................................ 7
12                   CEASE OF EMPLOYMENT STATUS - WARRANT HOLDERS WHO ARE EMPLOYEES.......... 7
13                   INSIDERHANDEL .......................................................................................... . 7
13                   INSIDER TRADING........................................................................................ . 7
14                   SKATTEMÆSSIGE FORHOLD ............................................................................ 7
14                   TAX IMPLICATIONS........................................................................................ 7
15                   SPROG ....................................................................................................... . 8
15                   LANGUAGE .................................................................................................. . 8





	
	3




1         Formål                                                                                         1         Purpose

1.1     På   bestyrelsesmødet   i   Zealand   Pharma
A/S ("Selskabet") den 10. februar 2012
blev der i overensstemmelse med
vedtægternes  punkt  8.1  vedtaget
følgende nye bestemmelser vedrørende
udstedelse af warrants til visse af
Selskabets                                    medarbejdere
("Warrantindehaver") ("Warrants").
At the board meeting held in Zealand Pharma
A/S (the  "Company") on  10  February 2012,
the following new provisions were adopted in
accordance with Article 8.1 of the Articles of
Association concerning the issuing of war-
rants to certain employees of the Company
(the "Warrant Holder") ("Warrants").

Bestyrelsen har besluttet at udstede op til

240.250  warrants  i  Selskabet  til  tegning
af   op   til   240.250   aktier   til   kr.   1,00
(nominelt kr. 240.250) i henhold til
vedtægternes  punkt  8.1.  6.250  warrants
er udnyttet den 21. marts 2015, 8.399
warrants er udnyttet den 11.  april  2015,
4.750  warrants  er  udnyttet  den  20.  juni

2015, 12.600 warrants er udnyttet den 8.
september 2015, 13.197 warrants er
udnyttet den 26. september 2015, 18.000
warrants  er  udnyttet  den  13.  november
2015, 1.563  warrants er udnyttet den 4.

december 2015, 16.613 warrants er
udnyttet den 30. marts 2016, 24.928
warrants er udnyttet den 14.  april  2016,
8.000  warrants  er  udnyttet  den  26.  maj

2016, 5.250 warrants er udnyttet den 16.
juni 2016, 7.400 warrants er udnyttet den
6.  september  2016,  25.250  warrants  er

udnyttet den 23. september 2016, 8.200
warrants  er  udnyttet  den  17.  november
2016,  35.851  warrants  er  udnyttet  den

25. november 2016, 13.999 warrants er
udnyttet den 8. december 2016, og
herefter udestår 30.000 warrants.
The Board of Directors has decided to issue
up to 240,250 Warrants in the Company for
the  subscription  of up  to  240,250  shares  of
DKK  1.00  (nominally DKK  240,250)  accord-
ing  to  Article  8.1  of the  Articles of  Associa-
tion.  6,250  warrants  were  exercised  on  21
March 2015, 8,399 warrants were exercised
on 11 April 2015, 4,750 warrants were exer-
cised   on   20   June   2015,   12,600   warrants
were    exercised    on    8    September    2015,
13,197 warrants were exercised on 26 Sep-
tember 2015, 18,000 warrants were exer-
cised on 13 November 2015, 1,563 warrants
were exercised on 4 December 2015, 16,613
warrants were exercised on 30 March 2016,
24,928 warrants were exercised on 14 April

2016, 8,000  warrants were exercised on 26

May 2016, 5,250 warrants were exercised on

16  June  2016,  7,400  warrants  were  exer-
cised on 6 September 2016, 25,250 warrants
were   exercised   on   23   September   2016,
8,200 warrants were exercised on 17 No-
vember 2016, 35,851 warrants were exer-
cised on 25 November 2016, 13,999 war- rants
were exercised on 8 December 2016, and thus
30,000 warrants are outstanding.





	
	4



1.2     Tegning af  Warrants har fundet sted ved
elektronisk               underskrivelse               af
warrantaftaler ("Warrantaftaler").
The  subscription  of  Warrants  took  place  by
electronically signing of warrant agreements
(the "Warrant Agreements")

1.3     Warrants  berettiger  Warrantindehaveren
til at tegne aktier på de i bilag 8.1.A til
Selskabets  vedtægter anførte  vilkår,  dog
gælder  følgende  modifikationer  til  bilag
8.1.A:
The Warrants entitle the Warrant Holder to
subscribe for shares on the terms and condi-
tions stipulated in exhibit 8.1.A of the Arti- cles
of  Association  of  the  Company.  How- ever,
the  following  amendments  to  exhibit
8.1.A shall apply:


2         Tildeling af Warrants                                                       2         Grant of Warrants


2.1 Hver Warrantindehaver har fået tildelt det Each Warrant Holder has been granted such
 antal warrants i Selskabet, som er anført number  of  warrants  in  the  Company  as  set
 i            Selskabets            meddelelse            til out in the message from the Company to the
 Warrantindehaveren i "Aktionærportalen" Warrant Holder made available at "Aktionær-
 på Selskabets hjemmeside, som vil være portalen" at the website of the Company on
 tilgængelig      den      10.      februar      2012 10  February  2012  (the  "Warrants")  in  ac-
("Warrants")   i   overensstemmelse   med
vilkårene      i      Aftalen      og      Selskabets
vedtægter.
cordance  with  the  terms  set  forth  in  this
Agreement and the Company's Articles of As-
sociation.



2.2     Tildeling       af       Warrants       sker       uden

beregning.
The Warrants are granted free of charge.

2.3 Hver               Warrant               berettiger
Warrantindehaveren til at tegne 1 aktie à
nominelt kr. 1,00 i Selskabet i henhold til
de relevante bestemmelser anført i punkt
-     5     til     den     i     punkt     6     fastsatte

tegningskurs.
Each Warrant entitles the Warrant Holder to
subscribe for 1  share  of  nominal  value  DKK
1.00  in  the  Company  pursuant  to  the  rele-
vant conditions as set forth in Clauses 3 - 5
and at the relevant subscription price as de-
termined in Clause 6.

2.4     I   forbindelse   med   Selskabets   aktiebog
skal  der  føres  en  fortegnelse  over
samtlige udstedte Warrants.
In connection with the Company's register of
shareholders, a register of all issued War-
rants shall be kept.





	
	5




3         Almindelig udnyttelse af Warrants                        3         Ordinary Exercise of the Warrants


3.1 Warrants kan udnyttes i perioden fra 10. The Warrants may be exercised in the period
 februar 2015 til og med 10. februar 2017 from 10 February 2015 until (and including)
 ("Udnyttelseseprioden")    inden     for     de 10 February 2017 ("Exercise Period") within
 udnyttelsesvinduer   anført   i   punkt   3.2. the  windows  set  forth  in  Clause  3.2.  War-
 Warrants,  der ikke  er  blevet  udnyttet på rants  which  have  not  been  exercised  on  or
eller inden den sidste dag i
Udnyttelsesperioden, bortfalder
automatisk og bliver ugyldige uden
yderligere  varsel  og/eller  kompensation
til Warrantindehaveren.
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.

3.2     Inden      for      Udnyttelsesperioden      kan

Warrants udnyttes fire gange om året i et

4 ugers udnyttelses-vindue, der begynder
på  tidspunktet  for  offentliggørelse  af
enten Selskabets årsregnskab eller
perioderegnskab (henholdsvis 3, 6 eller 9
måneder).
Within   the   Exercise   Period,   the   Warrants
may be exercised four times a year during a
4-week window starting from the time of
publication of either the Company's annual
report or quarterly or semi-annual reports
(respectively 3, 6 and 9 months).

3.3   Warrantindehaveren er berettiget til at
udnytte alle eller en del af sine Warrants.
Warrantindehaveren kan dog ikke udnytte
mindre  end  25  procent  ad  gangen  af det
samlede antal Warrants, der er blevet
tildelt  Warrantindehaveren  i  henhold  til
Aftalen.
The Warrant Holder is entitled to exercise all
or part of his or her Warrants, however, the
Warrant Holder cannot exercise less than 25
per cent of the total number of Warrants
granted  in  accordance  with  this  Agreement
at a time.


4 Ekstraordinær udnyttelse af Warrants                4         Extraordinary Exercise of the War-
rants


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


5         Praktisk udnyttelse af Warrants                             5         Practicalities   in   connection   with

Exercise of the Warrants

5.1   Såfremt Warrantindehaveren ønsker at
udnytte en Warrant, skal
Warrantindehaveren                      underrette
In the event that the Warrant Holder wishes
to   exercise   Warrants,  the   Warrant   Holder





	
	6



 Selskabet elektronisk herom ved hjælp af
det IT-system, der er tilgængelig i
"Aktionærportalen" på Selskabets
hjemmeside.  Selskabet har  ret til  at
 ændre i de praktiske forhold omkring
udnyttelse af Warrants, og
Warrantindehaveren vil blive underrettet
skriftligt, hvis Selskabet beslutter dette.
shall electronically  give  notice  to  the  Com-
pany by using the IT system available on
"Aktionærportalen" on the Company's web-
site. The Company is entitled to change the
practicalities  in  connection  with  exercise  of
the Warrants and if so decided by the Com-
pany. The Warrant Holder will be notified in
writing by the Company.

5.2









6

Samtidig med at give meddelelse om
udnyttelse af Warrants skal
Warrantindehaveren indbetale et
kontantbeløb   til   Selskabet   svarende   til
det relevante tegningsbeløb fastsat i
henhold til punkt 6.
Tegningskurs         for         aktier         ved

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


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

Warrants

6.1

Hver Warrant giver Warrantindehaveren
ret til at tegne 1 aktie à nominelt kr. 1,00
i Selskabet til en tegningspris på kr. 77,00
("Tegningskursen").

Each Warrant entitles the Warrant Holder to
subscribe for 1 share in the Company of a
nominal value of DKK 1.00 at a subscription
price  of  DKK  77.00  (the  "Subscription
Price").

6.2

Tegningskursen kan reguleres som anført
i Aftalen.

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

7

Regulering af vilkår for Warrants ved

7         Adjustment  of  the  Conditions  for
visse        definerede        ændringer        i

Selskabets kapitalforhold
Warrants in case of certain defined

Changes  in  the  Company's  Capital

Structure


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


8         Omsættelighed                                                                     8         Transferability


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





	
	7



9         Vilkår   for   nye   aktier   udstedt   ved

udnyttelse af Warrants
9         Conditions  for  New  Shares  issued

following Exercise of the Warrants


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

10      Kapitalforhøjelse   ved   udnyttelse   af

Warrants
10      Capital     Increase    in     connection

with the Exercise of the Warrants

10.1 Såfremt      Warrantindehaveren      giver
rettidig meddelelse om udnyttelse af
Warrants, skal Selskabet gennemføre den
dertil hørende kapitalforhøjelse.
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.

10.2 Størstebeløbet af den kapital, der kan
tegnes  på  grundlag  af  Warrants  er
nominelt   kr.   240.250   (op   til   240.250
aktier à kr. 1,00) og mindstebeløbet er kr.
1,00  (1  aktie  à  kr.  1,00)  Størstebeløbet

kan  forøges  eller  reduceres  i  henhold  til
bestemmelserne om regulering i punkt 7.
The  maximum  increase  of  capital  that  may
be subscribed on basis of Warrants is nomi-
nally DKK 240,250 (up to 240,250 shares at
DKK 1.00 each) and the minimum amount is
DKK 1.00 (1 share at DKK 1.00) The maxi-
mum  amount  may  be  increased  or  reduced
in accordance with the provisions on adjust-
ment set forth in Clause 7.

11      Omkostninger     i     forbindelse     med

udstedelse af aktier
11      Costs    related    to    the    Issue    of

Shares


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

12      Ophør     af      ansættelsesforholdet     -
Warrantindehavere,              der              er
medarbejdere
12      Cease of Employment Status - War-
rant Holders who are Employees


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


13      Insiderhandel                                                                        13      Insider Trading


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


14      Skattemæssige forhold                                                   14      Tax Implications





	
	8



14.1   Warrants          skal          være          underlagt
bestemmelserne i ligningslovens § 28.
Warrants  shall  be  subject  to  the  provisions
of Section 28 of the Danish Tax Assessment
Act.

14.2 Samtlige skattemæssige forpligtelser og
konsekvenser  for  Warrantindehaverne
som  følge  af  Warrantaftalerne,  de
udstedte Warrants eller de erhvervede
aktier  gennem  udnyttelse  af  disse
Warrants  er  alene  Warrantindehavernes
ansvar og er Selskabet uvedkommende.
All  tax obligations  and  consequences  to  the
Warrant Holder resulting from this Agree-
ment, the Warrants issued or the shares ac-
quired by the exercise of such Warrants, are
the sole responsibility of the Warrant Holder
and of no concern to the Company.

14.3   Warrantindehaverne  er  kraftigt  opfordret
til at søge skattemæssig rådgivning i
forbindelse         med         indgåelsen         af
Warrantaftalerne.
The  Warrant  Holder  is  strongly  encouraged
to seek tax advice in connection with enter-
ing into this Agreement.


15      Sprog                                                                                            15      Language


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




































70066590\3563662v2 *





	
	



























BILAG 8.1.F TIL VEDTÆGTER FOR                                    EXHIBIT 8.1.F TO THE ARTICLES OF
ASSOCIATION FOR
ZEALAND PHARMA A/S                                                                   ZEALAND PHARMA A/S





	
	2





INDHOLDSFORTEGNELSE/TABLE OF CONTENTS


1                      FORMÅL...................................................................................................... . 3
1                      PURPOSE .................................................................................................... . 3
2                      TILDELING AF WARRANTS............................................................................... 3
2                      GRANT OF WARRANTS.................................................................................... 3
3                      ALMINDELIG UDNYTTELSE AF WARRANTS .......................................................... 4
3                      ORDINARY EXERCISE OF THE WARRANTS .......................................................... 4
4                      EKSTRAORDINÆR UDNYTTELSE AF WARRANTS ................................................... 5
4                      EXTRAORDINARY EXERCISE OF THE WARRANTS.................................................. 5
5                      PRAKTISK UDNYTTELSE AF WARRANTS.............................................................. 5
5                      PRACTICALITIES IN CONNECTION WITH EXERCISE OF THE WARRANTS ................... 5
6                      TEGNINGSKURS FOR AKTIER VED UDNYTTELSE AF WARRANTS .............................. 5
6 SUBSCRIPTION   PRICE   FOR   SHARES   IN   CONNECTION   WITH   THE   EXERCISE   OF
WARRANTS ................................................................................................. . 5
7                      REGULERING  AF  VILKÅR  FOR  WARRANTS  VED  VISSE  DEFINEREDE  ÆNDRINGER  I
SELSKABETS KAPITALFORHOLD ....................................................................... 5
7 ADJUSTMENT OF THE CONDITIONS FOR WARRANTS IN CASE OF CERTAIN DEFINED
CHANGES IN THE COMPANY'S CAPITAL STRUCTURE ............................................. 5
8                      OMSÆTTELIGHED .......................................................................................... 6
8                      TRANSFERABILITY ........................................................................................ . 6
9                      VILKÅR FOR NYE AKTIER UDSTEDT VED UDNYTTELSE AF WARRANTS ...................... 6
9 CONDITIONS    FOR    NEW    SHARES    ISSUED    FOLLOWING    EXERCISE    OF    THE
WARRANTS ................................................................................................. . 6
10                   KAPITALFORHØJELSE VED UDNYTTELSE AF WARRANTS ........................................ 6
10                   CAPITAL INCREASE IN CONNECTION WITH THE EXERCISE OF THE WARRANTS ......... 6
11                   OMKOSTNINGER I FORBINDELSE MED UDSTEDELSE AF AKTIER ............................. 6
11                   COSTS RELATED TO THE ISSUE OF SHARES ....................................................... 6
12                   OPHØR     AF     ANSÆTTELSESFORHOLDET     -     WARRANTINDEHAVERE,     DER     ER
MEDARBEJDERE ............................................................................................ 6
12                   CEASE OF EMPLOYMENT STATUS - WARRANT HOLDERS WHO ARE EMPLOYEES.......... 6
13                   INSIDERHANDEL .......................................................................................... . 7
13                   INSIDER TRADING........................................................................................ . 7
14                   SKATTEMÆSSIGE FORHOLD ............................................................................ 7
14                   TAX IMPLICATIONS........................................................................................ 7
15                   SPROG ....................................................................................................... . 7
15                   LANGUAGE .................................................................................................. . 7





	
	3





1         Formål                                                                                         1         Purpose

1.1     På   bestyrelsesmødet   i   Zealand   Pharma
A/S  ("Selskabet")  den  1.  april  2014  blev
der  i  overensstemmelse  med vedtægternes
punkt      8.1    vedtaget følgende nye
bestemmelser vedrørende udstedelse  af
warrants  til  visse  af Selskabets
medarbejdere
("Warrantindehaver") ("Warrants").
At    the    board    meeting    held    in    Zealand

Pharma  A/S  (the  "Company")  on     1  April

2014, the following new provisions were
adopted  in  accordance  with  Article  8.1  of the
Articles of Association concerning the issuing
of  warrants  to  certain  employees  of the
Company (the "Warrant Holder") ("War-
rants").

Bestyrelsen  har  besluttet  at  udstede  op
til  100.000  warrants  i  Selskabet  til
tegning  af  op  til  100.000  aktier  til  kr.
1,00  (nominelt kr. 100.000) i  henhold til

vedtægternes    punkt    8.1.    28.000
warrants  er  udnyttet  den  14.  december
2018   og   72.000   warrants   er   udnyttet
den  15.  marts  2019,  og  hermed  er  alle
warrants udnyttet.
The Board of Directors has decided to issue
up to 100,000 Warrants in the Company for
the  subscription  of up  to  100,000  shares  of
DKK  1.00  (nominally DKK  100,000)  accord-
ing  to  Article  8.1  of the  Articles of  Associa-
tion. 28,000 warrants were exercised on 14
December 2018 and 72,000 warrants were
exercised  on  15  March  2019,  and.  thus  all
warrants were exercised.

1.2     Tegning af  Warrants har fundet sted ved
elektronisk               underskrivelse               af
warrantaftale ("Warrantaftale").
The  subscription  of  Warrants  took  place  by
electronically  signing  of  warrant  agreement
(the "Warrant Agreement")

1.3     Warrants  berettiger  Warrantindehaveren
til at tegne aktier på de i bilag 8.1.A som
modificeret ved bilag 8.1.C til Selskabets
vedtægter   anførte   vilkår,   således gælder
endvidere   følgende modifikationer     til
bilag     8.1.A      som
modificeret ved bilag 8.1.C:
The Warrants entitle the Warrant Holder to
subscribe for shares on the terms and con-
ditions  stipulated  in  exhibit  8.1.A,  as
amended by exhibit 8.1.C of the Articles of
Association  of  the  Company.  Furthermore,
the  following  amendments  to  exhibit  8.1.A,
as amended by exhibit 8.1.C shall apply:


2         Tildeling af Warrants                                                       2         Grant of Warrants

2.1     Hver   Warrantindehaver   har   fået   tildelt
det antal warrants i Selskabet, som er
anført      i      Selskabets      meddelelse      til
Each Warrant Holder has been granted such
number  of  warrants  in  the  Company  as  set
out  in  the  message  from  the  Company  to





	
	4




Warrantindehaveren i "Aktionærportalen"
på Selskabets hjemmeside, som vil være
tilgængelig  den  1.  april  2014 ("Warrants")
i overensstemmelse med vilkårene      i
Aftalen      og      Selskabets
vedtægter.
the Warrant Holder made available at "Ak-
tionærportalen" at the website of the Com-
pany on 1 April 2014 (the "Warrants") in
accordance with the terms set forth in this
Agreement  and  the  Company's  Articles  of
Association.



2.2     Tildeling       af       Warrants       sker       uden

beregning.
The Warrants are granted free of charge.


2.3 Hver Warrant berettiger
Warrantindehaveren til at tegne 1 aktie à
nominelt  kr.  1,00  i  Selskabet  i  henhold
til de relevante bestemmelser anført i punkt
- 5 til den i punkt 6 fastsatte tegningskurs.
Each Warrant entitles the Warrant Holder to
subscribe for 1  share  of  nominal  value  DKK
1.00  in  the  Company  pursuant  to  the  rele-
vant conditions as set forth in Clauses 3 - 5
and at the relevant subscription price as
determined in Clause 6.

2.4

I   forbindelse   med   Selskabets   aktiebog
skal  der  føres  en  fortegnelse  over
samtlige udstedte Warrants.

In  connection  with  the  Company's  register of
shareholders, a register of all issued Warrants
shall be kept.

3

Almindelig udnyttelse af Warrants

3         Ordinary Exercise of the Warrants

3.1

Warrants  kan  udnyttes  i  perioden  fra  1.
april   2017   til   og   med   1.   april   2019

The Warrants may be exercised in the peri-
od from 1 April 2017 until (and including) 1
 ("Udnyttelsesperioden") inden for de
udnyttelsesvinduer anført i punkt 3.2.
Warrants, der ikke er blevet udnyttet på
eller inden den sidste dag i
Udnyttelsesperioden, bortfalder
automatisk og bliver ugyldige uden
yderligere   varsel  og/eller  kompensation
til Warrantindehaveren.
April 2019 ("Exercise Period") within the
windows set forth in Clause 3.2. Warrants
which have not been exercised on or before
the last day of the Exercise Period will au-
tomatically  lapse  and  become  void  without
any  further  notice  and/or  compensation  to
the Warrant Holder.

3.2

Inden      for      Udnyttelsesperioden      kan

Warrants  udnyttes  fire  gange  om  året  i

Within   the   Exercise   Period,   the   Warrants
may be exercised four times a year during a
et     4     ugers     udnyttelses-vindue,     der 4-week  window  starting  from  the  time  of





	
	5




begynder på tidspunktet for
offentliggørelse af enten Selskabets
 årsregnskab         eller         perioderegnskab
(henholdsvis 3, 6 eller 9 måneder).
publication of either the Company's annual
report or quarterly or semi-annual reports
(respectively 3, 6 and 9 months).

3.3   Warrantindehaveren er berettiget til at
udnytte     alle     eller     en     del     af     sine
Warrants. Warrantindehaveren kan dog
ikke udnytte mindre end 25 procent ad
gangen  af  det  samlede  antal  Warrants,
der  er  blevet  tildelt  Warrantindehaveren
i henhold til Aftalen.
The  Warrant  Holder  is  entitled  to  exercise all
or part  of his or her Warrants, however, the
Warrant   Holder   cannot   exercise   less than
25 per cent of the total number of Warrants
granted in accordance with this Agreement at
a time.


4 Ekstraordinær udnyttelse af 4 Extraordinary Exercise of      the
 Warrants    Warrants


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


5         Praktisk udnyttelse af Warrants                             5         Practicalities   in   connection   with

Exercise of the Warrants


5.1     Se bilag 8.1.C (ingen ændringer).                                 See exhibit 8.1.C (no changes).

6 Tegningskurs         for         aktier         ved
udnyttelse af Warrants
6 Subscription   Price   for   Shares   in
connection   with   the   Exercise   of
Warrants

6.1     Hver  Warrant  giver  Warrantindehaveren
ret  til  at  tegne  1  aktie  à  nominelt  kr.
1,00 i Selskabet til en tegningspris på kr.

75,90 ("Tegningskursen").
Each Warrant entitles the Warrant Holder to
subscribe for 1 share in the Company of a
nominal value of DKK 1.00 at a subscription
price    of    DKK    75.90    (the    "Subscription
Price").


6.2 Tegningskursen kan reguleres som The  Subscription  Price  may  be  regulated as
 anført i Aftalen.    set out in this Agreement.

7 Regulering af vilkår for Warrants ved
visse        definerede        ændringer        i
7         Adjustment  of  the  Conditions  for

Warrants   in   case   of   certain   de-





	
	6





Selskabets kapitalforhold                                                         fined   Changes   in   the   Company's

Capital Structure


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


8         Omsættelighed                                                                     8         Transferability


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

9         Vilkår   for   nye   aktier   udstedt   ved

udnyttelse af Warrants
9         Conditions  for  New  Shares  issued

following Exercise of the Warrants


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

10      Kapitalforhøjelse   ved   udnyttelse   af

Warrants
10      Capital     Increase    in     connection

with the Exercise of the Warrants

10.1 Såfremt      Warrantindehaveren      giver
rettidig meddelelse om udnyttelse af
Warrants,    skal    Selskabet    gennemføre
den dertil hørende kapitalforhøjelse.
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.

10.2 Størstebeløbet af den kapital, der kan
tegnes  på  grundlag  af  Warrants  er
nominelt   kr.   100.000   (op   til   100.000
aktier  à  kr.  1,00)  og  mindstebeløbet  er
kr.  1,00  (1  aktie  à  kr.  1,00)
Størstebeløbet  kan  forøges  eller
reduceres  i  henhold  til  bestemmelserne
om regulering i punkt 7.
The  maximum  increase  of  capital  that  may
be subscribed on basis of Warrants is nomi-
nally DKK 100,000 (up to 100,000 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 re-
duced  in  accordance  with  the  provisions  on
adjustment set forth in Clause 7.

11      Omkostninger     i     forbindelse     med

udstedelse af aktier
11      Costs    related    to    the    Issue    of

Shares


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

12      Ophør     af     ansættelsesforholdet     -
Warrantindehavere,              der              er
12      Cease    of    Employment    Status    -
Warrant Holders  who  are  Employ-





	
	7





medarbejdere                                                                                     ees


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


13      Insiderhandel                                                                        13      Insider Trading


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


14      Skattemæssige forhold                                                   14      Tax Implications

14.1   Warrants          skal          være          underlagt
bestemmelserne i ligningslovens § 28.
Warrants  shall  be  subject  to  the  provisions
of Section 28 of the Danish Tax Assessment
Act.

14.2 Samtlige skattemæssige forpligtelser og
konsekvenser   for
Warrantindehaverensom følge af
Warrantaftalen,  de  udstedte  Warrants
eller de erhvervede aktier gennem
udnyttelse af disse Warrants er alene
Warrantindehaverens      ansvar      og      er
Selskabet uvedkommende.
All  tax obligations  and  consequences  to  the
Warrant Holder resulting from this Agree-
ment, the Warrants issued or the shares
acquired  by  the  exercise  of  such  Warrants,
are the sole responsibility of the Warrant
Holder and of no concern to the Company.

14.3   Warrantindehaveren  er  kraftigt  opfordret
til at søge skattemæssig rådgivning i
forbindelse         med         indgåelsen         af
Warrantaftalen.
The  Warrant  Holder  is  strongly  encouraged
to seek tax advice in connection with enter-
ing into this Agreement.


15      Sprog                                                                                            15      Language


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

















70076035\5231256v5 * 25 May 2022





	
	



























BILAG 8.1.G TIL VEDTÆGTER FOR                                   EXHIBIT 8.1.G TO THE ARTICLES OF
ASSOCIATION FOR
ZEALAND PHARMA A/S                                                                   ZEALAND PHARMA A/S





	
	2





INDHOLDSFORTEGNELSE/TABLE OF CONTENTS

1                      FORMÅL...................................................................................................... . 3
1                      PURPOSE .................................................................................................... . 3
2                      TILDELING AF WARRANTS............................................................................... 3
2                      GRANT OF WARRANTS.................................................................................... 3
3                      ALMINDELIG UDNYTTELSE AF WARRANTS .......................................................... 4
3                      ORDINARY EXERCISE OF THE WARRANTS .......................................................... 4
4                      EKSTRAORDINÆR UDNYTTELSE AF WARRANTS ................................................... 5
4                      EXTRAORDINARY EXERCISE OF THE WARRANTS.................................................. 5
5                      PRAKTISK UDNYTTELSE AF WARRANTS.............................................................. 5
5                      PRACTICALITIES IN CONNECTION WITH EXERCISE OF THE WARRANTS ................... 5
6                      TEGNINGSKURS FOR AKTIER VED UDNYTTELSE AF WARRANTS .............................. 5
6 SUBSCRIPTION   PRICE   FOR   SHARES   IN   CONNECTION   WITH   THE   EXERCISE   OF
WARRANTS ................................................................................................. . 5
7                      ADJUSTMENT OF THE CONDITIONS FOR WARRANTS IN CASE OF CERTAIN DEFINED
CHANGES IN THE COMPANY'S CAPITAL STRUCTURE ............................................. 6
8                      OMSÆTTELIGHED .......................................................................................... 6
8                      TRANSFERABILITY ........................................................................................ . 6
9                      VILKÅR FOR NYE AKTIER UDSTEDT VED UDNYTTELSE AF WARRANTS ...................... 6
9                      CONDITIONS FOR NEW SHARES ISSUED FOLLOWING EXERCISE OF THE WARRANTS
................................................................................................................. . 6
10                   KAPITALFORHØJELSE VED UDNYTTELSE AF WARRANTS ........................................ 6
10                   CAPITAL INCREASE IN CONNECTION WITH THE EXERCISE OF THE WARRANTS ......... 6
11                   OMKOSTNINGER I FORBINDELSE MED UDSTEDELSE AF AKTIER ............................. 7
11                   COSTS RELATED TO THE ISSUE OF SHARES ....................................................... 7
12                   OPHØR     AF     ANSÆTTELSESFORHOLDET     -     WARRANTINDEHAVERE,     DER     ER
MEDARBEJDERE ............................................................................................ 7
12                   CEASE OF EMPLOYMENT STATUS - WARRANT HOLDERS WHO ARE EMPLOYEES.......... 7
13                   INSIDERHANDEL .......................................................................................... . 7
13                   INSIDER TRADING........................................................................................ . 7
14                   SKATTEMÆSSIGE FORHOLD ............................................................................ 7
14                   TAX IMPLICATIONS........................................................................................ 7
15                   SPROG ....................................................................................................... . 8
15                   LANGUAGE .................................................................................................. . 8





	
	3





1         Formål                                                                                         1         Purpose

1.1     På   bestyrelsesmødet   i   Zealand   Pharma
A/S   ("Selskabet")   den   25.   marts   2015
blev der i overensstemmelse med
vedtægternes  punkt  8.1  vedtaget
følgende nye bestemmelser vedrørende
udstedelse af warrants til visse af
Selskabets                                    medarbejdere
("Warrantindehaver") ("Warrants").
At the board meeting held in Zealand Pharma
A/S (the "Company") on  25 March 2015, the
following new provisions were adopted in ac-
cordance with Article 8.1 of the Articles of
Association concerning the issuing of war-
rants to certain employees of the Company
(the "Warrant Holder") ("Warrants").

1.2     Bestyrelsen har besluttet at udstede op til

100.000  warrants  i  Selskabet  til  tegning
af   op   til   100.000   aktier   til   kr.   1,00
(nominelt kr. 100.000) i henhold til
vedtægternes punkt 8.1. 35.000 warrants
er   udnyttet   den   13.   september   2019,
33.000 warrants er udnyttet den 22.
november 2019, og 32.000 warrants er
udnyttet den 20. marts 2020, og hermed
er alle warrants udnyttet.
The Board of Directors has decided to issue
up to 100,000 Warrants in the Company for
the  subscription  of up  to  100,000  shares  of
DKK  1.00  (nominally DKK  100,000)  accord-
ing  to  Article  8.1  of the  Articles of  Associa-
tion. 35,000 warrants were exercised on 13
September 2019, 33,000 warrants were ex-
ercised on 22 November 2019, and 32,000
warrants were exercised on 20 March 2020,
and thus all warrants were exercised.

1.3     Tegning af  Warrants har fundet sted ved
elektronisk               underskrivelse               af
warrantaftale ("Warrantaftale").
The  subscription  of  Warrants  took  place  by
electronically  signing  of  warrant  agreement
(the "Warrant Agreement")

1.4     Warrants  berettiger  Warrantindehaveren
til at tegne aktier på de i bilag 8.1.A som
modificeret ved bilag 8.1.C til Selskabets
vedtægter anførte vilkår, således   gælder
endvidere  følgende  modifikationer  til bilag
8.1.A   som   modificeret   ved   bilag
8.1.C:
The Warrants entitle the Warrant Holder to
subscribe for shares on the terms and condi-
tions stipulated in exhibit 8.1.A, as amended
by exhibit 8.1.C of the Articles of Association of
the Company. Furthermore, the following
amendments  to  exhibit  8.1.A,  as  amended
by exhibit 8.1.C shall apply:


2         Tildeling af Warrants                                                       2         Grant of Warrants

2.1     Hver Warrantindehaver har fået tildelt det
antal warrants i Selskabet, som er anført
Each Warrant Holder has been granted such
number  of  warrants  in  the  Company  as  set





	
	4




i Selskabets meddelelse til
Warrantindehaveren i "Aktionærportalen"
på Selskabets hjemmeside, som vil være
tilgængelig den 25. marts 2015
("Warrants") i overensstemmelse med
vilkårene      i      Aftalen      og      Selskabets
vedtægter.
out in the message from the Company to the
Warrant Holder made available at "Aktionær-
portalen" at the website of the Company on
25 March 2015 (the "Warrants") in accord-
ance  with the terms set forth in this Agree-
ment and the Company's Articles of Associa-
tion.



2.2     Tildeling       af       Warrants       sker       uden

beregning.
The Warrants are granted free of charge.

2.3 Hver               Warrant               berettiger
Warrantindehaveren til at tegne 1 aktie à
nominelt kr. 1,00 i Selskabet i henhold til
de relevante bestemmelser anført i punkt
-     5     til     den     i     punkt     6     fastsatte

tegningskurs.
Each Warrant entitles the Warrant Holder to
subscribe for 1  share  of  nominal  value  DKK
1.00  in  the  Company  pursuant  to  the  rele-
vant conditions as set forth in Clauses 3 - 5
and at the relevant subscription price as de-
termined in Clause 6.

2.4     I   forbindelse   med   Selskabets   aktiebog
skal     der    føres    en     fortegnelse    over
samtlige udstedte Warrants.
In connection with the Company's register of
shareholders,  a  register  of  all  issued  War-
rants shall be kept.


3         Almindelig udnyttelse af Warrants                        3         Ordinary Exercise of the Warrants


3.1 Warrants kan udnyttes i perioden fra 25. The Warrants may be exercised in the period
 marts  2018  til  og  med  25.  marts  2020 from 25 March 2018 until (and including) 25
 ("Udnyttelsesperioden")    inden     for     de March  2020  ("Exercise  Period")  within  the
 udnyttelsesvinduer   anført   i   punkt   3.2. windows  set  forth  in  Clause  3.2.  Warrants
 Warrants,  der ikke  er  blevet  udnyttet på which have not been exercised on or before
 eller       inden       den       sidste       dag       i the last day of the Exercise Period will auto-
 Udnyttelsesperioden,                      bortfalder matically lapse and become void without any
 automatisk     og    bliver    ugyldige    uden further  notice  and/or  compensation  to  the
 yderligere  varsel  og/eller  kompensation Warrant Holder.
 til Warrantindehaveren.

3.2     Inden      for      Udnyttelsesperioden      kan

Warrants udnyttes fire gange om året i et
Within   the   Exercise   Period,   the   Warrants
may be exercised four times a year during a





	
	5





 4 ugers udnyttelses-vindue, der begynder
på  tidspunktet  for  offentliggørelse  af
enten Selskabets årsregnskab eller
perioderegnskab (henholdsvis 3, 6 eller 9
måneder).
4-week window starting from the time of
publication of either the Company's annual
report or quarterly or semi-annual reports
(respectively 3, 6 and 9 months).

3.3

Warrantindehaveren er berettiget til at
udnytte alle eller en del af sine Warrants.
Warrantindehaveren kan dog ikke udnytte
mindre  end  25  procent  ad  gangen  af det
samlede antal Warrants, der er blevet
tildelt Warrantindehaveren i henhold til
Aftalen.

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

4

Ekstraordinær udnyttelse af Warrants

4 Extraordinary Exercise of the War-
rants

4.1

Se bilag 8.1.A (ingen ændringer).

See exhibit 8.1.A (no changes).

5

Praktisk udnyttelse af Warrants

5         Practicalities   in   connection   with

Exercise of the Warrants

5.1

Se bilag 8.1.C (ingen ændringer).

See exhibit 8.1.C (no changes).




6 Tegningskurs         for         aktier         ved
udnyttelse af Warrants
6 Subscription   Price   for   Shares   in
connection   with   the   Exercise   of
Warrants

6.1     Hver  Warrant  giver  Warrantindehaveren
ret til at tegne 1 aktie à nominelt kr. 1,00
i   Selskabet   til   en   tegningspris   på   kr.
127,05 ("Tegningskursen").
Each Warrant entitles the Warrant Holder to
subscribe for 1 share in the Company of a
nominal value of DKK 1.00 at a subscription
price   of   DKK    127,05    (the   "Subscription
Price").

6.2     Tegningskursen kan reguleres som anført
i Aftalen.
The  Subscription  Price  may  be  regulated as





	
	6





set out in this Agreement.






7 Regulering af vilkår for Warrants ved
visse definerede ændringer i
Selskabets kapitalforhold
7 Adjustment  of  the  Conditions  for
Warrants in case of certain defined
Changes  in  the  Company's  Capital
Structure


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


8         Omsættelighed                                                                     8         Transferability


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

9         Vilkår   for   nye   aktier   udstedt   ved

udnyttelse af Warrants
9         Conditions  for  New  Shares  issued

following Exercise of the Warrants


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

10      Kapitalforhøjelse   ved   udnyttelse   af

Warrants
10      Capital     Increase    in     connection

with the Exercise of the Warrants

10.1 Såfremt      Warrantindehaveren      giver
rettidig meddelelse om udnyttelse af
Warrants, skal Selskabet gennemføre den
dertil hørende kapitalforhøjelse.
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.

10.2 Størstebeløbet af den kapital, der kan
tegnes  på  grundlag  af  Warrants  er
nominelt   kr.   100.000   (op   til   100.000
aktier à kr. 1,00) og mindstebeløbet er kr.
1,00  (1  aktie  à  kr.  1,00)  Størstebeløbet
kan forøges eller reduceres i henhold til
bestemmelserne om regulering i punkt 7.
The  maximum  increase  of  capital  that  may
be subscribed on basis of Warrants is nomi-
nally DKK 100,000 (up to 100,000 shares at
DKK 1.00 each) and the minimum amount is
DKK 1.00 (1 share at DKK 1.00) The maxi-
mum  amount  may  be  increased  or  reduced
in accordance with the provisions on adjust-
ment set forth in Clause 7.





	
	7







11      Omkostninger     i     forbindelse     med

udstedelse af aktier
11      Costs    related    to    the    Issue    of

Shares


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

12      Ophør     af      ansættelsesforholdet     -
Warrantindehavere,              der              er
medarbejdere
12      Cease of Employment Status - War-
rant Holders who are Employees


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


13      Insiderhandel                                                                        13      Insider Trading


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


14      Skattemæssige forhold                                                   14      Tax Implications

14.1   Warrants          skal          være          underlagt
bestemmelserne i ligningslovens § 28.
Warrants  shall  be  subject  to  the  provisions
of Section 28 of the Danish Tax Assessment
Act.

14.2 Samtlige skattemæssige forpligtelser og
konsekvenser   for
Warrantindehaverensom følge af
Warrantaftalen,  de  udstedte  Warrants
eller de erhvervede aktier gennem
udnyttelse af disse Warrants er alene
Warrantindehaverens      ansvar      og      er
Selskabet uvedkommende.
All  tax obligations  and  consequences  to  the
Warrant Holder resulting from this Agree-
ment, the Warrants issued or the shares ac-
quired by the exercise of such Warrants, are
the sole responsibility of the Warrant Holder
and of no concern to the Company.

14.3   Warrantindehaveren  er  kraftigt  opfordret
til at søge skattemæssig rådgivning i
forbindelse med indgåelsen af
Warrantaftalen.
The  Warrant  Holder  is  strongly  encouraged
to seek tax advice in connection with enter-
ing into this Agreement.





	
	8





15      Sprog                                                                                            15      Language


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






























































* 25 May 2022





	
	




























BILAG 8.4 TIL VEDTÆGTER FOR                                        EXHIBIT  8.4  TO  THE  ARTICLES  OF
ASSOCIATION FOR
ZEALAND PHARMA A/S                                                                   ZEALAND PHARMA A/S





	
	2





INDHOLDSFORTEGNELSE/TABLE OF CONTENTS



1                      FORMÅL...................................................................................................... . 3
1                      PURPOSE .................................................................................................... . 3
2                      TILDELING AF WARRANTS............................................................................... 4
2                      GRANT OF WARRANTS.................................................................................... 4
3                      ALMINDELIG UDNYTTELSE AF WARRANTS .......................................................... 5
3                      ORDINARY EXERCISE OF THE WARRANTS .......................................................... 5
4                      EKSTRAORDINÆR UDNYTTELSE AF WARRANTS ................................................... 5
4                      EXTRAORDINARY EXERCISE OF THE WARRANTS.................................................. 5
5                      PRAKTISK UDNYTTELSE AF WARRANTS.............................................................. 5
5                      PRACTICALITIES IN CONNECTION WITH EXERCISE OF THE WARRANTS ................... 5
6                      TEGNINGSKURS FOR AKTIER VED UDNYTTELSE AF WARRANTS .............................. 6
6 SUBSCRIPTION   PRICE   FOR   SHARES   IN   CONNECTION   WITH   THE   EXERCISE   OF
WARRANTS ................................................................................................. . 6
7 REGULERING  AF  VILKÅR  FOR  WARRANTS  VED  VISSE  DEFINEREDE  ÆNDRINGER  I
SELSKABETS KAPITALFORHOLD ....................................................................... 7
7 ADJUSTMENT OF THE CONDITIONS FOR WARRANTS IN CASE OF CERTAIN DEFINED
CHANGES IN THE COMPANY'S CAPITAL STRUCTURE ............................................. 7
8                      OMSÆTTELIGHED .......................................................................................... 7
8                      TRANSFERABILITY ........................................................................................ . 7
9                      VILKÅR FOR NYE AKTIER UDSTEDT VED UDNYTTELSE AF WARRANTS ...................... 7
9                      CONDITIONS FOR NEW SHARES ISSUED FOLLOWING EXERCISE OF THE WARRANTS
................................................................................................................. . 7
10                   KAPITALFORHØJELSE VED UDNYTTELSE AF WARRANTS ........................................ 7
10                   CAPITAL INCREASE IN CONNECTION WITH THE EXERCISE OF THE WARRANTS ......... 7
11                   OMKOSTNINGER I FORBINDELSE MED UDSTEDELSE AF AKTIER ............................. 8
11                   COSTS RELATED TO THE ISSUE OF SHARES ....................................................... 8
12                   OPHØR     AF     ANSÆTTELSESFORHOLDET     -     WARRANTINDEHAVERE,     DER     ER
MEDARBEJDERE ............................................................................................ 8
12                   CEASE OF EMPLOYMENT STATUS - WARRANT HOLDERS WHO ARE EMPLOYEES.......... 8
13                   INSIDERHANDEL .......................................................................................... . 8
13                   INSIDER TRADING........................................................................................ . 8
14                   SKATTEMÆSSIGE FORHOLD ............................................................................ 8
14                   TAX IMPLICATIONS........................................................................................ 8
15                   SPROG ....................................................................................................... . 9
15                   LANGUAGE .................................................................................................. . 9





	
	3







1         Formål                                                                                         1         Purpose


1.1 På   bestyrelsesmødet   i   Zealand   Pharma At the board meeting held in Zealand Pharma
 A/S  ("Selskabet")  den  5.  maj  2015  blev A/S (the "Company") on  5 May2015, the fol-
 der          i          overensstemmelse          med lowing  new  provisions  were  adopted  in  ac-
 vedtægternes punkt  8.1  og  8.4  vedtaget cordance with Articles 8.1 and 8.4 of the Ar-
 følgende   nye   bestemmelser   vedrørende ticles  of  Association  concerning  the  issuing
 udstedelse    af     warrants    til     visse     af of warrants to certain employees of the Com-
 Selskabets                                    medarbejdere pany (the "Warrant Holder") ("Warrants").
("Warrantindehaver") ("Warrants").


 Bestyrelsen har besluttet at udstede op til

412.609  warrants  i  Selskabet  til  tegning
af   op   til   412.609   aktier   til   kr.   1,00
(nominelt kr. 412.609) i henhold    til
vedtægternes punkt 8.1 og 8.4. 25.550
warrants udstedt under dette program er
pr. 13. december 2019 bortfaldet. 7.500
warrants  er  udnyttet  den  14.  september
2018, 18.250 warrants er udnyttet den 5.
april 2019, 45.539 warrants er udnyttet den
28. maj 2019, 89.315 warrants er udnyttet
den 14. juni 2019, 16.500 warrants   er
udnyttet   den   23.   august
2019,  22.671  warrants  er  udnyttet  den

13. september 2019, 69.925  warrants er
udnyttet den 22. november 2019, 16.350
warrants  er  udnyttet  den  13.  december
2019,  55.150  warrants  er  udnyttet  den

20. marts 2020, og 5.859 warrants er
udnyttet den 15. april 2020. Som følge af
dels udnyttelse dels bortfald af warrants,
er det udestående antal warrants, der kan
udnyttes, reduceret til 40.000 warrants.
The Board of Directors has decided to issue
up to 412,609 Warrants in the Company for
the  subscription  of up  to  412,609  shares  of
DKK  1.00  (nominally DKK  412,609)  accord-
ing to Articles 8.1 and 8.4 of the Articles of
Association. 25,550 warrants issued under
this  program  has  lapsed  per  13  December
2019. 7,500  warrants were exercised on 14

September 2018, 18,250 warrants were ex-
ercised  on  5  April  2019,  45,539  warrants
were exercised on 28 May 2019, 89,315 war-
rants   were   exercised   on   14   June   2019,
16,500 warrants were exercised on 23 Au-
gust  2019,  22,671  warrants  were  exercised
on   13   September   2019,   69,925   warrants
were    exercised    on    22    November    2019,
16,350 warrants are exercised on 13 Decem-
ber  2019,  55,150  warrants  were  exercised
on 20 March 2020, and 5,859 warrants were
exercised on 15 April 2020. As a result of
exercise/lapse of warrants, the number of
warrants available for exercise has been re-
duced to 40,000 warrants.

1.2

Tegning af  Warrants har fundet sted ved
elektronisk               underskrivelse               af

The  subscription  of  Warrants  took  place  by
electronically  signing  of  warrant  agreement 





	
	4









1.3
warrantaftale ("Warrantaftale").


Warrants  berettiger  Warrantindehaveren
(the "Warrant Agreement")


The  Warrants  entitle  the  Warrant  Holder  to
 til at tegne aktier på de i bilag 8.1.A, som
modificeret ved bilag 8.1.C, til Selskabets
vedtægter  anførte  vilkår,  således gælder
endvidere  følgende  modifikationer  til bilag
8.1.A,   som   modificeret   ved   bilag
8.1.C:
subscribe for shares on the terms and condi-
tions stipulated in exhibit 8.1.A, as amended
by exhibit 8.1.C of the Articles of Association of
the Company. Furthermore, the following
amendments  to  exhibit  8.1.A,  as  amended
by exhibit 8.1.C shall apply:

2

Tildeling af Warrants

2         Grant of Warrants

2.1

Hver Warrantindehaver har fået tildelt det
antal warrants i Selskabet, som er anført
i Selskabets meddelelse til
Warrantindehaveren i "Aktionærportalen"
på Selskabets hjemmeside, som vil være
tilgængelig den 5. maj 2015 ("Warrants")
i  overensstemmelse  med  vilkårene  i
Aftalen og Selskabets vedtægter.

Each Warrant Holder has been granted such
number  of  warrants  in  the  Company  as  set
out in the message from the Company to the
Warrant Holder made available at "Aktionær-
portalen" at the website of the Company on
5  May 2015  (the  "Warrants") in  accordance
with  the  terms  set  forth  in  this  Agreement
and the Company's Articles of Association.


2.2     Tildeling       af       Warrants       sker       uden

beregning.
The Warrants are granted free of charge.

2.3 Hver               Warrant               berettiger
Warrantindehaveren til at tegne 1 aktie à
nominelt kr. 1,00 i Selskabet i henhold til
de relevante bestemmelser anført i punkt
-     5     til     den     i     punkt     6     fastsatte

tegningskurs.
Each Warrant entitles the Warrant Holder to
subscribe for 1  share  of  nominal  value  DKK
1.00  in  the  Company  pursuant  to  the  rele-
vant conditions as set forth in Clauses 3 - 5
and at the relevant subscription price as de-
termined in Clause 6.

2.4     I   forbindelse   med   Selskabets   aktiebog
skal  der  føres  en  fortegnelse  over
samtlige udstedte Warrants.
In connection with the Company's register of
shareholders, a register of all issued War-
rants shall be kept.





	
	5





3         Almindelig udnyttelse af Warrants                        3         Ordinary Exercise of the Warrants

3.1     Warrants  kan  udnyttes  i  perioden  fra  5.
maj 2018 til og med 5. maj 2020
("Udnyttelsesperioden") inden for de
udnyttelsesvinduer, der er anført i  punkt
3.2. Warrants, der ikke er blevet udnyttet
på eller inden den sidste dag i
Udnyttelsesperioden, bortfalder
automatisk og bliver ugyldige uden
yderligere   varsel  og/eller  kompensation
til Warrantindehaveren.
The Warrants may be exercised in the period
from 5 May 2018 until (and including) 5 May
2020 ("Exercise Period") within the windows
set forth in Clause 3.2. Warrants which have
not been exercised on or before the last day
of   the   Exercise   Period   will   automatically
lapse and become void without any further
notice and/or compensation to the Warrant
Holder.

3.2 Inden      for      Udnyttelsesperioden      kan

Warrants udnyttes fire gange om året i et

4 ugers udnyttelses-vindue, der begynder
på  tidspunktet  for  offentliggørelse  af
enten Selskabets årsregnskab eller
perioderegnskab (henholdsvis 3, 6 eller 9
måneder).
Within   the   Exercise   Period,   the   Warrants
may be exercised four times a year during a
4-week window starting from the time of
publication of either the Company's annual
report or quarterly or semi-annual reports
(respectively 3, 6 and 9 months).

3.3

Warrantindehaveren er berettiget til at
udnytte alle eller en del af sine Warrants.
Warrantindehaveren kan dog ikke udnytte
mindre  end  25  procent  ad  gangen  af det
samlede antal Warrants, der er blevet
tildelt Warrantindehaveren i henhold til
Aftalen.

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

4

Ekstraordinær udnyttelse af Warrants

4 Extraordinary Exercise of the War-
rants

4.1

Se bilag 8.1.A (ingen ændringer).

See exhibit 8.1.A (no changes).

5

Praktisk udnyttelse af Warrants

5         Practicalities   in   connection   with

Exercise of the Warrants 





	
	6





5.1     Se bilag 8.1.C (ingen ændringer).                                 See exhibit 8.1.C (no changes).


6 Tegningskurs         for         aktier         ved
udnyttelse af Warrants
6 Subscription   Price   for   Shares   in
connection with the Exercise of
Warrants

6.1

Hver Warrant giver Warrantindehaveren
ret til at tegne 1 aktie à nominelt kr. 1,00
i   Selskabet   til   en   tegningspris   på   kr.
101,20 ("Tegningskursen").

Each Warrant entitles the Warrant Holder to
subscribe for 1 share in the Company of a
nominal value of DKK 1.00 at a subscription
price of DKK 101.20 (the "Subscription Price").

6.2

Tegningskursen kan reguleres som anført
i Aftalen.

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

6.3

Uanset bestemmelserne i Aftalen, kan
Selskabet i tilfælde af, at
Warrantindehaveren ønsker at udnytte
Warrants, efter eget skøn beslutte at
foretage kontant afregning i stedet for at
udstede        aktier        i        Selskabet        til

Notwithstanding anything set out in the
Agreement, in the event that the Warrant
Holder gives notice that the Warrant Holder
wishes to exercise Warrants, the Company
may at its sole discretion decide to make the
settlement in cash instead of issuing shares
Warrantindehaveren. I så fald skal
Selskabet automatisk tilbagekøbe de
pågældende                  Warrants                  fra
Warrantindehaveren.
in the Company to the Warrant Holder. Con-
sequently, the Company will in such situation
automatically  buy  back  the  relevant  War-
rants from the Warrant Holder.

6.4  Såfremt     Selskabet        beslutter     at
tilbagekøbe Warrants, skal Selskabet
tilbagebetale   det   relevante
tegningsbeløb, som Warrantindehaveren
har betalt til Selskabet i forbindelse med
afgivelsen af udnyttelsesmeddelelsen.
Herudover skal Selskabet betale
Warrantindehaveren et kontant beløb for
hver Warrant, som udnyttes af
Warrantindehaveren, svarende til den
gennemsnitlige markedskurs per aktie på
tidspunktet      for      Warrantindehaverens
If the Company decides to buy back War- rants,
the Company shall repay the relevant
subscription amount paid to the Company by
the Warrant Holder in connection with the
delivery of the  exercise  notice. Further, the
Company shall  pay to  the  Warrant  Holder a
cash  amount  for each  Warrant  exercised  by
the  Warrant  Holder  equivalent  to  the  aver-
age market price per Share on the date on
which the exercise notice has been served by
the Warrant Holder deducted an amount
equivalent   to   the   Subscription   Price   (the





	
	7




afgivelse  af udnyttelsesmeddelelsen  med
fradrag af et beløb svarende til
Tegningskursen ("Kontantbeløbet").
Kontantbeløbet betales efter fradrag af A-
skat og andre lovpligtige beløb, der skal
indeholdes af Selskabet. Efter betaling er
gennemført, skal de relevante Warrants
betragtes  som  værende  overdraget
tilbage til Selskabet, og
Warrantindehaveren har således ingen
rettigheder       vedrørende       med       disse
Warrants.
"Cash  Amount"). The  Cash  Amount  shall  be
paid after deduction of income tax ("A-tax")
and other statutory amounts to be withheld
by the Company. Upon such payment the
relevant Warrants shall be considered trans-
ferred back to the Company and the Warrant
Holder shall consequently have no further
rights with respect to such Warrants.

6.5  Såfremt     Selskabet        beslutter     at
tilbagekøbe Warrants og foretage kontant
afregning i stedet for at udstede aktier i
Selskabet, skal Selskabet underrette
Warrantindehaveren  herom  inden  30 dage
efter            modtagelsen            af
udnyttelsesmeddelelsen.
If  the  Company  decides  to  buy  back  War-
rants and make the settlement in cash in-
stead  of  delivering  shares  in  the  Company,
the  Company  must  inform  the  Warrant
Holder hereof within 30 days after having re-
ceived the exercise notice.

7 Regulering af vilkår for Warrants ved
visse definerede ændringer i
Selskabets kapitalforhold
7 Adjustment  of  the  Conditions  for
Warrants in case of certain defined
Changes  in  the  Company's  Capital
Structure


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


8         Omsættelighed                                                                     8         Transferability


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

9         Vilkår   for   nye   aktier   udstedt   ved

udnyttelse af Warrants
9         Conditions  for  New  Shares  issued

following Exercise of the Warrants


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


10      Kapitalforhøjelse   ved   udnyttelse   af                10      Capital     Increase    in     connection





	
	8





Warrants                                                                                                with the Exercise of the Warrants

10.1 Såfremt      Warrantindehaveren      giver
rettidig meddelelse om udnyttelse af
Warrants, skal Selskabet gennemføre den
dertil hørende kapitalforhøjelse.
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.

10.2 Størstebeløbet af den kapital, der kan
tegnes  på  grundlag  af  Warrants  er
nominelt   kr.   412.609   (op   til   412.609
aktier à kr. 1,00) og mindstebeløbet er kr.
1,00  (1  aktie  à  kr.  1,00)  Størstebeløbet

kan  forøges  eller  reduceres  i  henhold  til
bestemmelserne om regulering i punkt 7.
The  maximum  increase  of  capital  that  may
be subscribed on basis of Warrants is nomi-
nally DKK 412,609 (up to 412,609 shares at
DKK 1.00 each) and the minimum amount is
DKK 1.00 (1 share at DKK 1.00) The maxi-
mum  amount  may  be  increased  or  reduced
in accordance with the provisions on adjust-
ment set forth in Clause 7.

11      Omkostninger     i     forbindelse     med

udstedelse af aktier
11      Costs    related    to    the    Issue    of

Shares


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

12      Ophør     af      ansættelsesforholdet     -
Warrantindehavere,              der              er
medarbejdere
12      Cease of Employment Status - War-
rant Holders who are Employees


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


13      Insiderhandel                                                                        13      Insider Trading


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


14      Skattemæssige forhold                                                   14      Tax Implications

14.1   Warrants          skal          være          underlagt
bestemmelserne i ligningslovens § 28.
Warrants  shall  be  subject  to  the  provisions
of Section 28 of the Danish Tax Assessment
Act.





	
	9




14.2 Samtlige skattemæssige forpligtelser og
konsekvenser   for
Warrantindehaverensom følge af
Warrantaftalen,  de  udstedte  Warrants
eller de erhvervede aktier gennem
udnyttelse af disse Warrants er alene
Warrantindehaverens      ansvar      og      er
Selskabet uvedkommende.
All  tax obligations  and  consequences  to  the
Warrant Holder resulting from this Agree-
ment, the Warrants issued or the shares ac-
quired by the exercise of such Warrants, are
the sole responsibility of the Warrant Holder
and of no concern to the Company.

14.3   Warrantindehaveren  er  kraftigt  opfordret
til at søge skattemæssig rådgivning i
forbindelse         med         indgåelsen         af
Warrantaftalen.
The  Warrant  Holder  is  strongly  encouraged
to seek tax advice in connection with enter-
ing into this Agreement.


15      Sprog                                                                                            15      Language


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






































 





	
	10


* 25 May 2022





	
	




























BILAG 8.4.B TIL VEDTÆGTER FOR                                   EXHIBIT 8.4.B TO THE ARTICLES OF
ASSOCIATION FOR
ZEALAND PHARMA A/S                                                                   ZEALAND PHARMA A/S





	
	2





INDHOLDSFORTEGNELSE/TABLE OF CONTENTS



1                      FORMÅL...................................................................................................... . 3
1                      PURPOSE .................................................................................................... . 3
2                      TILDELING AF WARRANTS............................................................................... 4
2                      GRANT OF WARRANTS.................................................................................... 4
3                      ALMINDELIG UDNYTTELSE AF WARRANTS .......................................................... 5
3                      ORDINARY EXERCISE OF THE WARRANTS .......................................................... 5
4                      EKSTRAORDINÆR UDNYTTELSE AF WARRANTS ................................................... 5
4                      EXTRAORDINARY EXERCISE OF THE WARRANTS.................................................. 5
5                      PRAKTISK UDNYTTELSE AF WARRANTS.............................................................. 5
5                      PRACTICALITIES IN CONNECTION WITH EXERCISE OF THE WARRANTS ................... 5
6                      TEGNINGSKURS FOR AKTIER VED UDNYTTELSE AF WARRANTS .............................. 6
6 SUBSCRIPTION   PRICE   FOR   SHARES   IN   CONNECTION   WITH   THE   EXERCISE   OF
WARRANTS ................................................................................................. . 6
7 REGULERING  AF  VILKÅR  FOR  WARRANTS  VED  VISSE  DEFINEREDE  ÆNDRINGER  I
SELSKABETS KAPITALFORHOLD ....................................................................... 7
7 ADJUSTMENT OF THE CONDITIONS FOR WARRANTS IN CASE OF CERTAIN DEFINED
CHANGES IN THE COMPANY'S CAPITAL STRUCTURE ............................................. 7
8                      OMSÆTTELIGHED .......................................................................................... 7
8                      TRANSFERABILITY ........................................................................................ . 7
9                      VILKÅR FOR NYE AKTIER UDSTEDT VED UDNYTTELSE AF WARRANTS ...................... 7
9                      CONDITIONS FOR NEW SHARES ISSUED FOLLOWING EXERCISE OF THE WARRANTS
................................................................................................................. . 7
10                   KAPITALFORHØJELSE VED UDNYTTELSE AF WARRANTS ........................................ 7
10                   CAPITAL INCREASE IN CONNECTION WITH THE EXERCISE OF THE WARRANTS ......... 7
11                   OMKOSTNINGER I FORBINDELSE MED UDSTEDELSE AF AKTIER ............................. 8
11                   COSTS RELATED TO THE ISSUE OF SHARES ....................................................... 8
12                   OPHØR     AF     ANSÆTTELSESFORHOLDET     -     WARRANTINDEHAVERE,     DER     ER
MEDARBEJDERE ............................................................................................ 8
12                   CEASE OF EMPLOYMENT STATUS - WARRANT HOLDERS WHO ARE EMPLOYEES.......... 8
13                   INSIDERHANDEL .......................................................................................... . 8
13                   INSIDER TRADING........................................................................................ . 8
14                   SKATTEMÆSSIGE FORHOLD ............................................................................ 8
14                   TAX IMPLICATIONS........................................................................................ 8
15                   SPROG ....................................................................................................... . 9
15                   LANGUAGE .................................................................................................. . 9





	
	3







1         Formål                                                                                         1         Purpose


1.1 På   bestyrelsesmødet   i   Zealand   Pharma At the board meeting held in Zealand Pharma
 A/S  ("Selskabet")  den  5.  april  2016  blev A/S  (the  "Company")  on  5  April  2016,  the
 der          i          overensstemmelse          med following new provisions were adopted in ac-
 vedtægternes       punkt       8.4       vedtaget cordance  with  Articles  8.4  of the  Articles  of
 følgende   nye   bestemmelser   vedrørende Association  concerning  the  issuing  of  war-
 udstedelse    af     warrants    til     visse     af rants  to  certain  employees of  the  Company
 Selskabets                                    medarbejdere (the "Warrant Holder") ("Warrants").
("Warrantindehaver") ("Warrants").


1.2 Bestyrelsen har besluttet at udstede op til The Board of Directors has decided to issue
 347.250  warrants  i  Selskabet  til  tegning up to 347,250 Warrants in the Company for
 af   op   til   347.250   aktier   til   kr.   1,00 the  subscription of up  to 347,250  shares  of
 (nominelt    kr.    347.250)    i    henhold    til DKK  1.00  (nominally DKK  347,250)  accord-
 vedtægternes punkt 8.4. 65.750 warrants ing to Articles 8.4 of the Articles of Associa-
 udstedt  under  dette  program  er  pr.  13. tion. 65,750 warrants issued under this pro-
 december       2019       bortfaldet.       1.500 gram  has  lapsed  per  13  December  2019.
 warrants  er  udnyttet  den  13.  september 1,500  warrants  were  exercised  on  13  Sep-
 2019,  55.300  warrants  er  udnyttet  den tember  2019,  55,300  warrants  were  exer-
 22.  november  2019,  14.625  warrants  er cised  on  22  November  2019,  14,625  war-
 udnyttet  den  13.  december  2019,  4.325 rants were exercised on 13 December 2019,
 warrants er udnyttet den 20. marts 2020, 4,325 warrants were exercised on 20 March
 6.250  warrants er  udnyttet den 15.  april 2020, 6,250  warrants were exercised on 15
 2020,  52.750  warrants  er  udnyttet  den April 2020, 52,750 warrants were exercised
 26.    maj    2020,    27.000    warrants    er on  26  May 2020, 27,000 warrants were ex-
 udnyttet    den    12.    juni    2020,    14.250 ercised  on  12  June  2020,  14.250  warrants
 warrants   er   udnyttet   den   21.   august were  exercised  on  21  August  2020,  10,875
 2020, 10.875 warrants er udnyttet den 11. warrants  were  exercised  on  11  September
september 2020, 4.500 warrants er
udnyttet den 20. november 2020, 1.500
warrants  er  udnyttet  den  11.  december
2020, 3.875 warrants er udnyttet den 19.
marts 2021, og 17.750 warrants er
udnyttet  den  9.  april  2021.  Programmet
er udløbet, og dermed vil 47.000 warrants
udløbe.
2020, 4,500  warrants were exercised on 20

November 2020, 1,500 warrants were exer-
cised on 11 December 2020, 23,875 war- rants
were exercised on 19 March 2021, and
17,750  warrants  were  exercised  on  9  April

2021. The program has expired, thus 47,000
warrants will expire.





	
	4






1.3     Tegning af  Warrants har fundet sted ved

elektronisk               underskrivelse               af
The  subscription  of  Warrants  took  place  by

electronically  signing  of  warrant  agreement





1.4
warrantaftale ("Warrantaftale").


Warrants  berettiger  Warrantindehaveren
(the "Warrant Agreement")


The  Warrants  entitle  the  Warrant  Holder  to
 til at tegne aktier på de i bilag 8.1.A, som
modificeret ved bilag 8.1.C, til Selskabets
vedtægter  anførte  vilkår,  således gælder
endvidere  følgende  modifikationer  til bilag
8.1.A,   som   modificeret   ved   bilag
8.1.C:
subscribe for shares on the terms and condi-
tions stipulated in exhibit 8.1.A, as amended
by exhibit 8.1.C of the Articles of Association of
the Company. Furthermore, the following
amendments  to  exhibit  8.1.A,  as  amended
by exhibit 8.1.C shall apply:

2

Tildeling af Warrants

2         Grant of Warrants

2.1

Hver Warrantindehaver har fået tildelt det
antal warrants i Selskabet, som er anført
i Selskabets meddelelse til
Warrantindehaveren i "Aktionærportalen"
på Selskabets hjemmeside, som vil være
tilgængelig den 5. april 2016 ("Warrants")
i  overensstemmelse  med  vilkårene  i
Aftalen og Selskabets vedtægter.

Each Warrant Holder has been granted such
number  of  warrants  in  the  Company  as  set
out in the message from the Company to the
Warrant Holder made available at "Aktionær-
portalen" at the website of the Company on
5 April 2016 (the "Warrants") in accordance
with  the  terms  set  forth  in  this  Agreement
and the Company's Articles of Association.


2.2     Tildeling       af       Warrants       sker       uden

beregning.
The Warrants are granted free of charge.

2.3 Hver               Warrant               berettiger
Warrantindehaveren til at tegne 1 aktie à
nominelt kr. 1,00 i Selskabet i henhold til
de relevante bestemmelser anført i punkt
-     5     til     den     i     punkt     6     fastsatte

tegningskurs.
Each Warrant entitles the Warrant Holder to
subscribe for 1  share  of  nominal  value  DKK
1.00  in  the  Company  pursuant  to  the  rele-
vant conditions as set forth in Clauses 3 - 5
and at the relevant subscription price as de-
termined in Clause 6.

2.4     I   forbindelse   med   Selskabets   aktiebog
skal  der  føres  en  fortegnelse  over
samtlige udstedte Warrants.
In connection with the Company's register of
shareholders, a register of all issued War-
rants shall be kept.





	
	5







3         Almindelig udnyttelse af Warrants                        3         Ordinary Exercise of the Warrants

3.1     Warrants  kan  udnyttes  i  perioden  fra  5.
april 2019 til og med 5. april 2021
("Udnyttelsesperioden") inden for de
udnyttelsesvinduer, der er anført i  punkt
3.2. Warrants, der ikke er blevet udnyttet

på eller inden den sidste dag i
Udnyttelsesperioden, bortfalder
automatisk og bliver ugyldige uden
yderligere  varsel  og/eller  kompensation
til Warrantindehaveren.
The Warrants may be exercised in the period
from  5  April  2019  until  (and  including)  5
April 2021 ("Exercise Period") within the
windows set forth in Clause 3.2. Warrants
which have not been exercised on or before
the last day of the Exercise Period will auto-
matically lapse and become void without any
further notice and/or compensation to the
Warrant Holder.

3.2     Inden      for      Udnyttelsesperioden      kan

Warrants udnyttes fire gange om året i et

4 ugers udnyttelses-vindue, der begynder
på  tidspunktet  for  offentliggørelse  af
enten Selskabets årsregnskab eller
perioderegnskab (henholdsvis 3, 6 eller 9
måneder).
Within   the   Exercise   Period,   the   Warrants
may be exercised four times a year during a
4-week window starting from the time of
publication of either the Company's annual
report or quarterly or semi-annual reports
(respectively 3, 6 and 9 months).

3.3   Warrantindehaveren er berettiget til at
udnytte alle eller en del af sine Warrants.
Warrantindehaveren kan dog ikke udnytte
mindre  end  25  procent  ad  gangen  af det
samlede antal Warrants, der er blevet
tildelt  Warrantindehaveren  i  henhold  til
Aftalen.
The Warrant Holder is entitled to exercise all
or part of his or her Warrants. However, the
Warrant Holder cannot exercise less than 25
per cent of the total number of Warrants
granted  in  accordance  with  this  Agreement
at a time.


4 Ekstraordinær udnyttelse af Warrants                4         Extraordinary Exercise of the War-
rants


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


5         Praktisk udnyttelse af Warrants                             5         Practicalities   in   connection   with

Exercise of the Warrants





	
	6





5.1     Se bilag 8.1.C (ingen ændringer).                                 See exhibit 8.1.C (no changes).


6 Tegningskurs         for         aktier         ved
udnyttelse af Warrants
6 Subscription   Price   for   Shares   in
connection with the Exercise of
Warrants

6.1

Hver Warrant giver Warrantindehaveren
ret til at tegne 1 aktie à nominelt kr. 1,00
i   Selskabet   til   en   tegningspris   på   kr.
142,45 ("Tegningskursen").

Each Warrant entitles the Warrant Holder to
subscribe for 1 share in the Company of a
nominal value of DKK 1.00 at a subscription
price of DKK 142.45 (the "Subscription Price").

6.2

Tegningskursen kan reguleres som anført
i Aftalen.

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

6.3

Uanset bestemmelserne i Aftalen, kan
Selskabet i tilfælde af, at
Warrantindehaveren ønsker at udnytte
Warrants, efter eget skøn beslutte at
foretage kontant afregning i stedet for at
udstede        aktier        i        Selskabet        til

Notwithstanding anything set out in the
Agreement, in the event that the Warrant
Holder gives notice that the Warrant Holder
wishes to exercise Warrants, the Company
may at its sole discretion decide to make the
settlement in cash instead of issuing shares
Warrantindehaveren. I så fald skal
Selskabet automatisk tilbagekøbe de
pågældende                  Warrants                  fra
Warrantindehaveren.
in the Company to the Warrant Holder. Con-
sequently, the Company will in such situation
automatically  buy  back  the  relevant  War-
rants from the Warrant Holder.

6.4  Såfremt     Selskabet        beslutter     at
tilbagekøbe Warrants, skal Selskabet
tilbagebetale   det   relevante
tegningsbeløb, som Warrantindehaveren
har betalt til Selskabet i forbindelse med
afgivelsen af udnyttelsesmeddelelsen.
Herudover skal Selskabet betale
Warrantindehaveren et kontant beløb for
hver Warrant, som udnyttes af
Warrantindehaveren, svarende til den
gennemsnitlige markedskurs per aktie på
tidspunktet      for      Warrantindehaverens
If the Company decides to buy back War- rants,
the Company shall repay the relevant
subscription amount paid to the Company by
the Warrant Holder in connection with the
delivery of the  exercise  notice. Further, the
Company shall  pay to  the  Warrant  Holder a
cash  amount  for each  Warrant  exercised  by
the  Warrant  Holder  equivalent  to  the  aver-
age market price per Share on the date on
which the exercise notice has been served by
the Warrant Holder deducted an amount
equivalent   to   the   Subscription   Price   (the





	
	7




afgivelse  af udnyttelsesmeddelelsen  med
fradrag af et beløb svarende til
Tegningskursen ("Kontantbeløbet").
Kontantbeløbet betales efter fradrag af A-
skat og andre lovpligtige beløb, der skal
indeholdes af Selskabet. Efter betaling er
gennemført, skal de relevante Warrants
betragtes  som  værende  overdraget
tilbage til Selskabet, og
Warrantindehaveren har således ingen
rettigheder       vedrørende       med       disse
Warrants.
"Cash  Amount"). The  Cash  Amount  shall  be
paid after deduction of income tax ("A-tax")
and other statutory amounts to be withheld
by the Company. Upon such payment the
relevant Warrants shall be considered trans-
ferred back to the Company and the Warrant
Holder shall consequently have no further
rights with respect to such Warrants.

6.5  Såfremt     Selskabet        beslutter     at
tilbagekøbe Warrants og foretage kontant
afregning i stedet for at udstede aktier i
Selskabet, skal Selskabet underrette
Warrantindehaveren  herom  inden  30 dage
efter            modtagelsen            af
udnyttelsesmeddelelsen.
If  the  Company  decides  to  buy  back  War-
rants and make the settlement in cash in-
stead  of  delivering  shares  in  the  Company,
the  Company  must  inform  the  Warrant
Holder hereof within 30 days after having re-
ceived the exercise notice.

7 Regulering af vilkår for Warrants ved
visse definerede ændringer i
Selskabets kapitalforhold
7 Adjustment  of  the  Conditions  for
Warrants in case of certain defined
Changes  in  the  Company's  Capital
Structure


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


8         Omsættelighed                                                                     8         Transferability


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

9         Vilkår   for   nye   aktier   udstedt   ved

udnyttelse af Warrants
9         Conditions  for  New  Shares  issued

following Exercise of the Warrants


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


10      Kapitalforhøjelse   ved   udnyttelse   af                10      Capital     Increase    in     connection





	
	8





Warrants                                                                                                with the Exercise of the Warrants

10.1 Såfremt      Warrantindehaveren      giver
rettidig meddelelse om udnyttelse af
Warrants, skal Selskabet gennemføre den
dertil hørende kapitalforhøjelse.
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.

10.2 Størstebeløbet af den kapital, der kan
tegnes  på  grundlag  af  Warrants  er
nominelt   kr.   347.250   (op   til   347.250
aktier à kr. 1,00) og mindstebeløbet er kr.
1,00  (1  aktie  à  kr.  1,00)  Størstebeløbet

kan  forøges  eller  reduceres  i  henhold  til
bestemmelserne om regulering i punkt 7.
The  maximum  increase  of  capital  that  may
be subscribed on basis of Warrants is nomi-
nally DKK 347,250 (up to 347,250 shares at
DKK 1.00 each) and the minimum amount is
DKK 1.00 (1 share at DKK 1.00) The maxi-
mum  amount  may  be  increased  or  reduced
in accordance with the provisions on adjust-
ment set forth in Clause 7.

11      Omkostninger     i     forbindelse     med

udstedelse af aktier
11      Costs    related    to    the    Issue    of

Shares


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

12      Ophør     af      ansættelsesforholdet     -
Warrantindehavere,              der              er
medarbejdere
12      Cease of Employment Status - War-
rant Holders who are Employees


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


13      Insiderhandel                                                                        13      Insider Trading


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


14      Skattemæssige forhold                                                   14      Tax Implications

14.1   Warrants          skal          være          underlagt
bestemmelserne i ligningslovens § 28.
Warrants  shall  be  subject  to  the  provisions
of Section 28 of the Danish Tax Assessment
Act.





	
	9




14.2 Samtlige skattemæssige forpligtelser og
konsekvenser   for
Warrantindehaverensom følge af
Warrantaftalen,  de  udstedte  Warrants
eller de erhvervede aktier gennem
udnyttelse af disse Warrants er alene
Warrantindehaverens      ansvar      og      er
Selskabet uvedkommende.
All  tax obligations  and  consequences  to  the
Warrant Holder resulting from this Agree-
ment, the Warrants issued or the shares ac-
quired by the exercise of such Warrants, are
the sole responsibility of the Warrant Holder
and of no concern to the Company.

14.3   Warrantindehaveren  er  kraftigt  opfordret
til at søge skattemæssig rådgivning i
forbindelse         med         indgåelsen         af
Warrantaftalen.
The  Warrant  Holder  is  strongly  encouraged
to seek tax advice in connection with enter-
ing into this Agreement.


15      Sprog                                                                                            15      Language


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






































 





	
	10


* 25 May 2022





	
	




























BILAG 8.4.I TIL VEDTÆGTER FOR                                    EXHIBIT 8.4.I  TO  THE ARTICLES OF
ASSOCIATION FOR
ZEALAND PHARMA A/S                                                                   ZEALAND PHARMA A/S





	
	2





INDHOLDSFORTEGNELSE/TABLE OF CONTENTS



1                      FORMÅL...................................................................................................... . 3
1                      PURPOSE .................................................................................................... . 3
2                      TILDELING AF WARRANTS............................................................................... 4
2                      GRANT OF WARRANTS.................................................................................... 4
3                      ALMINDELIG UDNYTTELSE AF WARRANTS .......................................................... 4
3                      ORDINARY EXERCISE OF THE WARRANTS .......................................................... 4
4                      EKSTRAORDINÆR UDNYTTELSE AF WARRANTS ................................................... 5
4                      EXTRAORDINARY EXERCISE OF THE WARRANTS.................................................. 5
5                      PRAKTISK UDNYTTELSE AF WARRANTS.............................................................. 5
5                      PRACTICALITIES IN CONNECTION WITH EXERCISE OF THE WARRANTS ................... 5
6                      TEGNINGSKURS FOR AKTIER VED UDNYTTELSE AF WARRANTS .............................. 5
6 SUBSCRIPTION   PRICE   FOR   SHARES   IN   CONNECTION   WITH   THE   EXERCISE   OF
WARRANTS ................................................................................................. . 5
7 REGULERING  AF  VILKÅR  FOR  WARRANTS  VED  VISSE  DEFINEREDE  ÆNDRINGER  I
SELSKABETS KAPITALFORHOLD ....................................................................... 7
7 ADJUSTMENT OF THE CONDITIONS FOR WARRANTS IN CASE OF CERTAIN DEFINED
CHANGES IN THE COMPANY'S CAPITAL STRUCTURE ............................................. 7
8                      OMSÆTTELIGHED .......................................................................................... 7
8                      TRANSFERABILITY ........................................................................................ . 7
9                      VILKÅR FOR NYE AKTIER UDSTEDT VED UDNYTTELSE AF WARRANTS ...................... 7
9                      CONDITIONS FOR NEW SHARES ISSUED FOLLOWING EXERCISE OF THE WARRANTS
................................................................................................................. . 7
10                   KAPITALFORHØJELSE VED UDNYTTELSE AF WARRANTS ........................................ 7
10                   CAPITAL INCREASE IN CONNECTION WITH THE EXERCISE OF THE WARRANTS ......... 7
11                   OMKOSTNINGER I FORBINDELSE MED UDSTEDELSE AF AKTIER ............................. 8
11                   COSTS RELATED TO THE ISSUE OF SHARES ....................................................... 8
12                   OPHØR     AF     ANSÆTTELSESFORHOLDET     -     WARRANTINDEHAVERE,     DER     ER
MEDARBEJDERE ............................................................................................ 8
12                   CEASE OF EMPLOYMENT STATUS - WARRANT HOLDERS WHO ARE EMPLOYEES.......... 8
13                   INSIDERHANDEL .......................................................................................... . 8
13                   INSIDER TRADING........................................................................................ . 8
14                   SKATTEMÆSSIGE FORHOLD ............................................................................ 8
14                   TAX IMPLICATIONS........................................................................................ 8
15                   SPROG ....................................................................................................... . 9
15                   LANGUAGE .................................................................................................. . 9





	
	3







1         Formål                                                                                         1         Purpose


1.1 På   bestyrelsesmødet   i   Zealand   Pharma
A/S ("Selskabet") den 22. maj 2018 blev
der  i  overensstemmelse  med
vedtægternes  punkt  8.4  vedtaget
følgende nye bestemmelser vedrørende
udstedelse af warrants til visse af
Selskabets                                    medarbejdere
("Warrantindehaver") ("Warrants").
At the board meeting held in Zealand Pharma
A/S (the "Company") on 22 May 2018, the
following new provisions were adopted in ac-
cordance  with  Articles  8.4  of the  Articles  of
Association concerning the issuing of war-
rants to certain employees of the Company
(the "Warrant Holder") ("Warrants").


1.2


Bestyrelsen har besluttet at udstede op til

515.500  warrants  i  Selskabet  til  tegning
af   op   til   515.500   aktier   til   kr.   1,00
(nominelt kr. 515.500) i henhold til
vedtægternes punkt 8.4. 97.500 warrants
udstedt under dette program er pr. 13.
december 2019 bortfaldet. 106.500
warrants udstedt under dette program er
pr.     10.     september     2021     bortfaldet.
85.601 warrants er udnyttet den 10. juni

2021, 7,257 warrants er udnyttet den 20.
august 2021, 14.000 warrants er udnyttet
den 10. september 2021, 1.934 warrants
er  udnyttet  den  19.  November  2021  og
5.400 warrants er udnyttet den 10.
December 2021. Som følge af dels
udnyttelse,  dels  bortfald  af  warrants,  er
det udestående antal warrants, der kan
udnyttes, reduceret til 291.631 warrants.


The Board of Directors has decided to issue
up to 515,500 Warrants in the Company for
the  subscription  of up  to  515,500  shares  of
DKK  1.00  (nominally DKK  515,500)  accord-
ing to Articles 8.4 of the Articles of Associa-
tion. 97,500 warrants issued under this pro-
gram  has  lapsed  per  13  December  2019.
106,500 warrants issued under this program
has lapsed  per 10  September  2021. 85,601
warrants  were  exercised  on  10  June  2021,
7,257 warrants were exercised on 20 August

2021, 14,000 warrants were exercised on 10

September 2021, 1.934 warrants were exer-
cised on 19 November 2021 and 5,400 war-
rants were exercised on 10 December 2021.
As a result of exercise/lapse of warrants, the
number  of  warrants  available  for  exercise
has been reduced to 291,631 warrants.

1.3

Tegning  af  Warrants har fundet  sted  ved
elektronisk  underskrivelse  af
warrantaftale ("Warrantaftale").

The subscription of Warrants took place by
electronically signing of warrant agreement
(the "Warrant Agreement")

1.4

Warrants  berettiger  Warrantindehaveren
til at tegne aktier på de i bilag 8.1.A, som

The  Warrants  entitle  the  Warrant  Holder  to 





	
	4




modificeret ved bilag 8.1.C, til Selskabets
vedtægter  anførte  vilkår,  således gælder
endvidere  følgende  modifikationer  til bilag
8.1.A,   som   modificeret   ved   bilag
8.1.C:
subscribe for shares on the terms and condi-
tions stipulated in exhibit 8.1.A, as amended
by exhibit 8.1.C of the Articles of Association of
the Company. Furthermore, the following
amendments  to  exhibit  8.1.A,  as  amended
by exhibit 8.1.C shall apply:


2         Tildeling af Warrants                                                       2         Grant of Warrants


2.1 Hver Warrantindehaver har fået tildelt det Each Warrant Holder has been granted such
 antal warrants i Selskabet, som er anført number  of  warrants  in  the  Company  as  set
 i            Selskabets            meddelelse            til out in the message from the Company to the
 Warrantindehaveren i "Aktionærportalen" Warrant Holder made available at "Aktionær-
 på Selskabets hjemmeside, som vil være portalen" at the website of the Company on
 tilgængelig        den        22.        maj        2018 22 May 2018 (the "Warrants") in accordance
("Warrants")   i   overensstemmelse   med
vilkårene      i      Aftalen      og      Selskabets
vedtægter.
with  the  terms  set  forth  in  this  Agreement
and the Company's Articles of Association.



2.2     Tildeling       af       Warrants       sker       uden

beregning.
The Warrants are granted free of charge.

2.3 Hver               Warrant               berettiger
Warrantindehaveren til at tegne 1 aktie à
nominelt kr. 1,00 i Selskabet i henhold til
de relevante bestemmelser anført i punkt
-     5     til     den     i     punkt     6     fastsatte

tegningskurs.
Each Warrant entitles the Warrant Holder to
subscribe for 1  share  of  nominal  value  DKK
1.00  in  the  Company  pursuant  to  the  rele-
vant conditions as set forth in Clauses 3 - 5
and at the relevant subscription price as de-
termined in Clause 6.

2.4     I   forbindelse   med   Selskabets   aktiebog
skal     der    føres    en     fortegnelse    over
samtlige udstedte Warrants.
In connection with the Company's register of
shareholders,  a  register  of  all  issued  War-
rants shall be kept.


3         Almindelig udnyttelse af Warrants                        3         Ordinary Exercise of the Warrants

3.1     Warrants kan udnyttes i perioden fra 22.
maj   2021   til   og   med   22.   maj   2023
The Warrants may be exercised in the period
from  22  May  2021  until  (and  including)  22





	
	5




("Udnyttelsesperioden") inden for de
udnyttelsesvinduer, der er anført i  punkt
3.2. Warrants, der ikke er blevet udnyttet
på eller inden den sidste dag i
Udnyttelsesperioden, bortfalder
automatisk og bliver ugyldige uden
yderligere   varsel  og/eller  kompensation
til Warrantindehaveren.
May 2023 ("Exercise Period") within the win-
dows set forth in Clause 3.2. Warrants which
have not been exercised on or before the last
day of the Exercise Period will automatically
lapse and become void without any further
notice and/or compensation to the Warrant
Holder.

3.2 Inden      for      Udnyttelsesperioden      kan

Warrants udnyttes fire gange om året i et

4 ugers udnyttelses-vindue, der begynder
på  tidspunktet  for  offentliggørelse  af
enten Selskabets årsregnskab eller
perioderegnskab (henholdsvis 3, 6 eller 9
måneder).
Within   the   Exercise   Period,   the   Warrants
may be exercised four times a year during a
4-week window starting from the time of
publication of either the Company's annual
report or quarterly or semi-annual reports
(respectively 3, 6 and 9 months).

3.3

Warrantindehaveren er berettiget til at
udnytte alle eller en del af sine Warrants.
Warrantindehaveren kan dog ikke udnytte
mindre  end  25  procent  ad  gangen  af det
samlede antal Warrants, der er blevet
tildelt Warrantindehaveren i henhold til
Aftalen.

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

4

Ekstraordinær udnyttelse af Warrants

4 Extraordinary Exercise of the War-
rants

4.1

Se bilag 8.1.A (ingen ændringer).

See exhibit 8.1.A (no changes).

5

Praktisk udnyttelse af Warrants

5         Practicalities   in   connection   with

Exercise of the Warrants

5.1

Se bilag 8.1.C (ingen ændringer).

See exhibit 8.1.C (no changes).

6

Tegningskurs         for         aktier         ved
udnyttelse af Warrants

6 Subscription   Price   for   Shares   in
connection   with   the   Exercise   of 





	
	6





Warrants


6.1 Hver Warrant giver Warrantindehaveren
ret til at tegne 1 aktie à nominelt kr. 1,00
i   Selskabet   til   en   tegningspris   på   kr.
100,80 ("Tegningskursen").
Each Warrant entitles the Warrant Holder to
subscribe for 1 share in the Company of a
nominal value of DKK 1.00 at a subscription
price of DKK 100.80 (the "Subscription Price").

6.2

Tegningskursen kan reguleres som anført
i Aftalen.

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

6.3

Uanset bestemmelserne i Aftalen, kan
Selskabet i tilfælde af, at
Warrantindehaveren ønsker at udnytte
Warrants, efter eget skøn beslutte at
foretage kontant afregning i stedet for at
udstede        aktier        i        Selskabet        til

Notwithstanding anything set out in the
Agreement, in the event that the Warrant
Holder gives notice that the Warrant Holder
wishes to exercise Warrants, the Company
may at its sole discretion decide to make the
settlement in cash instead of issuing shares
Warrantindehaveren. I så fald skal
Selskabet automatisk tilbagekøbe de
pågældende                  Warrants                  fra
Warrantindehaveren.
in the Company to the Warrant Holder. Con-
sequently, the Company will in such situation
automatically  buy  back  the  relevant  War-
rants from the Warrant Holder.

6.4  Såfremt     Selskabet        beslutter     at
tilbagekøbe Warrants, skal Selskabet
tilbagebetale   det   relevante
tegningsbeløb, som Warrantindehaveren
har betalt til Selskabet i forbindelse med
afgivelsen af udnyttelsesmeddelelsen.
Herudover skal Selskabet betale
Warrantindehaveren et kontant beløb for
hver Warrant, som udnyttes af
Warrantindehaveren, svarende til den
gennemsnitlige markedskurs per aktie på
tidspunktet for Warrantindehaverens
afgivelse  af udnyttelsesmeddelelsen  med
fradrag af et beløb svarende til
Tegningskursen ("Kontantbeløbet").
Kontantbeløbet betales efter fradrag af A-
If the Company decides to buy back War- rants,
the Company shall repay the relevant
subscription amount paid to the Company by
the Warrant Holder in connection with the
delivery of the  exercise  notice. Further, the
Company shall  pay to  the  Warrant  Holder a
cash  amount  for each  Warrant  exercised  by
the  Warrant  Holder  equivalent  to  the  aver-
age market price per Share on the date on
which the exercise notice has been served by
the Warrant Holder deducted an amount
equivalent   to   the   Subscription   Price   (the
"Cash  Amount"). The  Cash  Amount  shall  be
paid after deduction of income tax ("A-tax")
and other statutory amounts to be withheld
by  the  Company.  Upon  such  payment  the





	
	7




skat og andre lovpligtige beløb, der skal
indeholdes af Selskabet. Efter betaling er
gennemført, skal de relevante Warrants
betragtes  som  værende  overdraget
tilbage til Selskabet, og
Warrantindehaveren har således ingen
rettigheder       vedrørende       med       disse
Warrants.
relevant Warrants shall be considered trans-
ferred back to the Company and the Warrant
Holder shall consequently have no further
rights with respect to such Warrants.


6.5 Såfremt         Selskabet         beslutter         at If  the  Company  decides  to  buy  back  War-
 tilbagekøbe Warrants og foretage kontant rants  and  make  the  settlement  in  cash  in-
 afregning i  stedet  for  at  udstede  aktier  i stead  of  delivering  shares  in  the  Company,
 Selskabet,     skal     Selskabet     underrette the    Company    must    inform    the    Warrant
 Warrantindehaveren     herom     inden     30 Holder hereof within 30 days after having re-
 dage            efter            modtagelsen            af ceived the exercise notice.
udnyttelsesmeddelelsen.

7 Regulering af vilkår for Warrants ved
visse definerede ændringer i
Selskabets kapitalforhold
7 Adjustment  of  the  Conditions  for
Warrants in case of certain defined
Changes  in  the  Company's  Capital
Structure


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


8         Omsættelighed                                                                     8         Transferability


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

9         Vilkår   for   nye   aktier   udstedt   ved

udnyttelse af Warrants
9         Conditions  for  New  Shares  issued

following Exercise of the Warrants


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

10      Kapitalforhøjelse   ved   udnyttelse   af

Warrants
10      Capital     Increase    in     connection

with the Exercise of the Warrants

10.1   Såfremt         Warrantindehaveren         giver
rettidig    meddelelse    om    udnyttelse    af
In  the  event  that  the  Warrant  Holder  gives
notification  on  time  of  the  exercise  of  the





	
	8




Warrants, skal Selskabet gennemføre den

dertil hørende kapitalforhøjelse.
Warrants,  the  Company  shall  carry  out  the

relating increase of capital.

10.2 Størstebeløbet af den kapital, der kan
tegnes  på  grundlag  af  Warrants  er
nominelt   kr.   515.500   (op   til   515.500
aktier à kr. 1,00) og mindstebeløbet er kr.
1,00  (1  aktie  à  kr.  1,00)  Størstebeløbet
kan forøges eller reduceres i henhold til
bestemmelserne om regulering i punkt 7.
The  maximum  increase  of  capital  that  may
be subscribed on basis of Warrants is nomi-
nally DKK 515,500 (up to 515,500 shares at
DKK 1.00 each) and the minimum amount is
DKK 1.00 (1 share at DKK 1.00) The maxi-
mum  amount  may  be  increased  or  reduced
in accordance with the provisions on adjust-
ment set forth in Clause 7.

11      Omkostninger     i     forbindelse     med

udstedelse af aktier
11      Costs    related    to    the    Issue    of

Shares


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

12      Ophør     af      ansættelsesforholdet     -
Warrantindehavere,              der              er
medarbejdere
12      Cease of Employment Status - War-
rant Holders who are Employees


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


13      Insiderhandel                                                                        13      Insider Trading


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


14      Skattemæssige forhold                                                   14      Tax Implications

14.1   Warrants          skal          være          underlagt
bestemmelserne i ligningslovens § 7 P.
Warrants  shall  be  subject  to  the  provisions
of Section 7 P of the Danish Tax Assessment
Act.

14.2 Samtlige skattemæssige forpligtelser og
konsekvenser   for
Warrantindehaverensom følge af
Warrantaftalen,  de  udstedte  Warrants
eller     de     erhvervede     aktier     gennem
All  tax obligations  and  consequences  to  the
Warrant Holder resulting from this Agree-
ment, the Warrants issued or the shares ac-
quired by the exercise of such Warrants, are





	
	9




udnyttelse   af   disse   Warrants   er   alene

Warrantindehaverens      ansvar      og      er

Selskabet uvedkommende.
the sole responsibility of the Warrant Holder
and of no concern to the Company.

14.3   Warrantindehaveren  er  kraftigt  opfordret
til at søge skattemæssig rådgivning i
forbindelse         med         indgåelsen         af
Warrantaftalen.
The  Warrant  Holder  is  strongly  encouraged
to seek tax advice in connection with enter-
ing into this Agreement.


15      Sprog                                                                                            15      Language


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
















































* 25 May 2022





	
	




























BILAG 8.4.K TIL VEDTÆGTER FOR                                   EXHIBIT 8.4.K TO THE ARTICLES OF
ASSOCIATION FOR
ZEALAND PHARMA A/S                                                                   ZEALAND PHARMA A/S





	
	2





INDHOLDSFORTEGNELSE/TABLE OF CONTENTS


1                      FORMÅL...................................................................................................... . 3
1                      PURPOSE .................................................................................................... . 3
2                      TILDELING AF WARRANTS............................................................................... 3
2                      GRANT OF WARRANTS.................................................................................... 3
3                      ALMINDELIG UDNYTTELSE AF WARRANTS .......................................................... 4
3                      ORDINARY EXERCISE OF THE WARRANTS .......................................................... 4
4                      EKSTRAORDINÆR UDNYTTELSE AF WARRANTS ................................................... 5
4                      EXTRAORDINARY EXERCISE OF THE WARRANTS.................................................. 5
5                      PRAKTISK UDNYTTELSE AF WARRANTS.............................................................. 5
5                      PRACTICALITIES IN CONNECTION WITH EXERCISE OF THE WARRANTS ................... 5
6                      TEGNINGSKURS FOR AKTIER VED UDNYTTELSE AF WARRANTS .............................. 5
6 SUBSCRIPTION   PRICE   FOR   SHARES   IN   CONNECTION   WITH   THE   EXERCISE   OF
WARRANTS ................................................................................................. . 5
7                      REGULERING  AF  VILKÅR  FOR  WARRANTS  VED  VISSE  DEFINEREDE  ÆNDRINGER  I
SELSKABETS KAPITALFORHOLD ....................................................................... 7
7 ADJUSTMENT OF THE CONDITIONS FOR WARRANTS IN CASE OF CERTAIN DEFINED
CHANGES IN THE COMPANY'S CAPITAL STRUCTURE ............................................. 7
8                      OMSÆTTELIGHED .......................................................................................... 7
8                      TRANSFERABILITY ........................................................................................ . 7
9                      VILKÅR FOR NYE AKTIER UDSTEDT VED UDNYTTELSE AF WARRANTS ...................... 7
9                      CONDITIONS FOR NEW SHARES ISSUED FOLLOWING EXERCISE OF THE WARRANTS
................................................................................................................. . 7
10                   KAPITALFORHØJELSE VED UDNYTTELSE AF WARRANTS ........................................ 7
10                   CAPITAL INCREASE IN CONNECTION WITH THE EXERCISE OF THE WARRANTS ......... 7
11                   OMKOSTNINGER I FORBINDELSE MED UDSTEDELSE AF AKTIER ............................. 7
11                   COSTS RELATED TO THE ISSUE OF SHARES ....................................................... 7
12                   OPHØR AF ANSÆTTELSESFORHOLDET ............................................................... 8
12                   CEASE OF EMPLOYMENT STATUS ...................................................................... 8
13                   INSIDERHANDEL .......................................................................................... . 9
13                   INSIDER TRADING........................................................................................ . 9
14                   SKATTEMÆSSIGE FORHOLD ............................................................................ 9
14                   TAX IMPLICATIONS........................................................................................ 9
15                   SPROG ..................................................................................................... . 10
15                   LANGUAGE ................................................................................................ . 10





	
	3





1         Formål                                                                                         1         Purpose

1.1     På   bestyrelsesmødet   i   Zealand   Pharma
A/S ("Selskabet") den 15. oktober 2018
blev der i overensstemmelse med
vedtægternes  punkt  8.4  vedtaget
følgende nye bestemmelser vedrørende
udstedelse af warrants til visse af
Selskabets                                    medarbejdere
("Warrantindehaver") ("Warrants").
At the board meeting held in Zealand Pharma
A/S  (the  "Company")  on  15  October  2018,
the following new provisions were adopted in
accordance with Article 8.4 of the Articles of
Association concerning the issuing of war-
rants to certain employees of the Company
(the "Warrant Holder") ("Warrants").

1.2     Bestyrelsen har besluttet at udstede op til

40.000 warrants i Selskabet til tegning af op
til 40.000 aktier til kr. 1,00 (nominelt kr.
40.000) i henhold til vedtægternes punkt
8.4.  40.000  warrants  er  udnyttet
19. November 2021. Som følge af
udnyttelse  er  der  ikke  flere  udestående
warrants, der kan udnyttes.
The Board of Directors has decided to issue
up  to  40,000  Warrants  in  the  Company  for
the  subscription  of  up  to  40,000  shares  of
DKK 1.00 (nominally DKK 40,000) according to
Article  8.4  of  the  Articles  of  Association.
40,000 warrants were exercised on 19 No-
vember  2021.  As  a  result  of  exercise,  no
warrants are left available of exercise.

1.3     Tegning af  Warrants har fundet sted ved
elektronisk               underskrivelse               af
warrantaftale ("Warrantaftale").
The  subscription  of  Warrants  took  place  by
electronically  signing  of  warrant  agreement
(the "Warrant Agreement")

1.4     Warrants  berettiger  Warrantindehaveren
til at tegne aktier på de i bilag 8.1.A, som
modificeret ved bilag 8.1.C til Selskabets
vedtægter anførte vilkår, således   gælder
endvidere  følgende  modifikationer  til bilag
8.1.A   som   modificeret   ved   bilag
8.1.C:
The Warrants entitle the Warrant Holder to
subscribe for shares on the terms and condi-
tions stipulated in exhibit 8.1.A, as amended
by exhibit 8.1.C of the Articles of Association of
the Company. Furthermore, the following
amendments  to  exhibit  8.1.A,  as  amended
by exhibit 8.1.C shall apply:


2         Tildeling af Warrants                                                       2         Grant of Warrants

2.1     Hver Warrantindehaver har fået tildelt det
antal warrants i Selskabet, som er anført
i Selskabets            meddelelse            til
Warrantindehaveren i "Aktionærportalen"
Each Warrant Holder has been granted such
number  of  warrants  in  the  Company  as  set
out in the message from the Company to the





	
	4




på Selskabets hjemmeside, som vil være
tilgængelig den 15. oktober 2018
("Warrants") i overensstemmelse med
vilkårene i Aftalen og Selskabets
vedtægter.
Warrant Holder made available at "Aktionær-
portalen" at the website of the Company on
15 October 2018 (the "Warrants") in accord-
ance  with the terms set forth in this Agree-
ment and the Company's Articles of Associa-
tion.

2.2     Tildeling       af       Warrants       sker       uden

beregning.
The Warrants are granted free of charge.

2.3 Hver               Warrant               berettiger
Warrantindehaveren til at tegne 1 aktie à
nominelt kr. 1,00 i Selskabet i henhold til
de relevante bestemmelser anført i punkt
-     5     til     den     i     punkt     6     fastsatte

tegningskurs.
Each Warrant entitles the Warrant Holder to
subscribe for 1  share  of  nominal  value  DKK
1.00  in  the  Company  pursuant  to  the  rele-
vant conditions as set forth in Clauses 3 - 5
and at the relevant subscription price as de-
termined in Clause 6.

2.4     I   forbindelse   med   Selskabets   aktiebog
skal     der    føres    en     fortegnelse    over
samtlige udstedte Warrants.
In connection with the Company's register of
shareholders,  a  register  of  all  issued  War-
rants shall be kept.


3         Almindelig udnyttelse af Warrants                        3         Ordinary Exercise of the Warrants


3.1 Warrants kan udnyttes i perioden fra 15. The Warrants may be exercised in the period
 oktober 2021 til og med 15. oktober 2023 from  15  October  2021  until  (and  including)
 ("Udnyttelsesperioden")    inden     for     de 15  October  2023  ("Exercise  Period")  within
 udnyttelsesvinduer, der er anført i  punkt the  windows  set  forth  in  Clause  3.2.  War-
 3.2. Warrants, der ikke er blevet udnyttet rants  which  have  not  been  exercised  on  or
 på     eller     inden     den     sidste     dag     i before the last day of the Exercise Period will
 Udnyttelsesperioden,                      bortfalder automatically lapse and become void without
 automatisk     og    bliver    ugyldige    uden any  further  notice  and/or  compensation  to
 yderligere  varsel  og/eller  kompensation the Warrant Holder.
 til Warrantindehaveren.

3.2     Inden      for      Udnyttelsesperioden      kan

Warrants udnyttes fire gange om året i et

4 ugers udnyttelses-vindue, der begynder
på    tidspunktet    for    offentliggørelse    af
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





	
	5





 enten Selskabets årsregnskab eller
perioderegnskab (henholdsvis 3, 6 eller 9
måneder).
report  or  quarterly  or  semi-annual  reports

(respectively 3, 6 and 9 months).

3.3

Warrantindehaveren er berettiget til at
udnytte alle eller en del af sine Warrants.
Warrantindehaveren kan dog ikke udnytte
mindre  end  25  procent  ad  gangen  af det
samlede antal Warrants, der er blevet
tildelt Warrantindehaveren i henhold til
Aftalen.

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

4

Ekstraordinær udnyttelse af Warrants

4 Extraordinary Exercise of the War-
rants

4.1

Se bilag 8.1.A (ingen ændringer).

See exhibit 8.1.A (no changes).

5

Praktisk udnyttelse af Warrants

5         Practicalities   in   connection   with

Exercise of the Warrants

5.1

Se bilag 8.1.C (ingen ændringer).

See exhibit 8.1.C (no changes).

6

Tegningskurs         for         aktier         ved
udnyttelse af Warrants

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

6.1

Hver Warrant giver Warrantindehaveren
ret til at tegne 1 aktie à nominelt kr. 1,00
i Selskabet til en tegningspris på kr. 90,00
("Tegningskursen").

Each Warrant entitles the Warrant Holder to
subscribe for 1 share in the Company of a
nominal value of DKK 1.00 at a subscription
price  of  DKK  90.00  (the  "Subscription
Price").

6.2

Tegningskursen kan reguleres som anført
i Aftalen.

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

6.3

Uanset bestemmelserne i Aftalen, kan
Selskabet i tilfælde af, at
Warrantindehaveren   ønsker   at   udnytte

Notwithstanding anything set out in the
Agreement, in the event that the Warrant
Holder gives notice that the Warrant Holder 





	
	6




Warrants, efter eget skøn beslutte at
foretage kontant afregning i stedet for at
udstede aktier i Selskabet til
Warrantindehaveren. I så fald skal
Selskabet automatisk tilbagekøbe de
pågældende                  Warrants                  fra
Warrantindehaveren.
wishes to exercise Warrants, the Company
may at its sole discretion decide to make the
settlement in cash instead of issuing shares
in the Company to the Warrant Holder. Con-
sequently, the Company will in such situation
automatically  buy  back  the  relevant  War-
rants from the Warrant Holder

6.4  Såfremt     Selskabet        beslutter     at
tilbagekøbe Warrants, skal Selskabet
tilbagebetale   det   relevante
tegningsbeløb, som Warrantindehaveren
har betalt til Selskabet i forbindelse med
afgivelsen af udnyttelsesmeddelelsen.
Herudover skal Selskabet betale
Warrantindehaveren et kontant beløb for
hver Warrant, som udnyttes af
Warrantindehaveren, svarende til den
gennemsnitlige markedskurs per aktie på
tidspunktet for Warrantindehaverens
afgivelse  af udnyttelsesmeddelelsen  med
fradrag af et beløb svarende til
Tegningskursen ("Kontantbeløbet").
Kontantbeløbet betales efter fradrag af A-
skat og andre lovpligtige beløb, der skal
indeholdes af Selskabet. Efter betaling er
gennemført, skal de relevante Warrants
betragtes  som  værende  overdraget
tilbage til Selskabet, og
Warrantindehaveren har således ingen
rettigheder       vedrørende       med       disse
Warrants.
If the Company decides to buy back War- rants,
the Company shall repay the relevant
subscription amount paid to the Company by
the Warrant Holder in connection with the
delivery of the  exercise  notice. Further, the
Company shall  pay to  the  Warrant  Holder a
cash  amount  for each  Warrant  exercised  by
the  Warrant  Holder  equivalent  to  the  aver-
age market price per Share on the date on
which the exercise notice has been served by
the Warrant Holder deducted an amount
equivalent   to   the   Subscription   Price   (the
"Cash  Amount"). The  Cash  Amount  shall  be
paid after deduction of income tax ("A-tax")
and other statutory amounts to be withheld
by the Company. Upon such payment the
relevant Warrants shall be considered trans-
ferred back to the Company and the Warrant
Holder shall consequently have no further
rights with respect to such Warrants.

6.5  Såfremt     Selskabet     beslutter     at
tilbagekøbe Warrants og foretage kontant
afregning i stedet for at udstede aktier i
Selskabet, skal Selskabet underrette
Warrantindehaveren     herom     inden     30
If  the  Company  decides  to  buy  back  War-
rants and make the settlement in cash in-
stead  of  delivering  shares  in  the  Company,
the    Company    must    inform    the    Warrant





	
	7




dage            efter            modtagelsen            af

udnyttelsesmeddelelsen.
Holder hereof within 30 days after having re-

ceived the exercise notice.

7 Regulering af vilkår for Warrants ved
visse definerede ændringer i
Selskabets kapitalforhold
7 Adjustment  of  the  Conditions  for
Warrants in case of certain defined
Changes  in  the  Company's  Capital
Structure


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


8         Omsættelighed                                                                     8         Transferability


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

9         Vilkår   for   nye   aktier   udstedt   ved

udnyttelse af Warrants
9         Conditions  for  New  Shares  issued

following Exercise of the Warrants


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

10      Kapitalforhøjelse   ved   udnyttelse   af

Warrants
10      Capital     Increase    in     connection

with the Exercise of the Warrants

10.1 Såfremt      Warrantindehaveren      giver
rettidig meddelelse om udnyttelse af
Warrants, skal Selskabet gennemføre den
dertil hørende kapitalforhøjelse.
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.

10.2 Størstebeløbet af den kapital, der kan
tegnes  på  grundlag  af  Warrants  er
nominelt kr. 40.000 (op til 40.000  aktier
 à kr. 1,00) og mindstebeløbet er kr. 1,00
(1 aktie à kr. 1,00) Størstebeløbet kan
forøges eller reduceres i henhold til
bestemmelserne om regulering i punkt 7.
The  maximum  increase  of  capital  that  may
be subscribed on basis of Warrants is nomi-
nally  DKK  40,000  (up  to  40,000  shares  at
DKK 1.00 each) and the minimum amount is
DKK 1.00 (1 share at DKK 1.00) The maxi-
mum  amount  may  be  increased  or  reduced
in accordance with the provisions on adjust-
ment set forth in Clause 7.


11      Omkostninger     i     forbindelse     med                11      Costs    related    to    the    Issue    of





	
	8





udstedelse af aktier                                                                       Shares


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


12      Ophør af ansættelsesforholdet                                 12      Cease of Employment Status

12.1 Hvis        Warrantindehaveren        opsiger
ansættelsesforholdet, der er indgået med
Selskabet, hvis ansættelseskontrakten
opsiges af Selskabet begrundet i
Warrantindehaverens   grove
misligholdelse af ansættelsesforholdet,
eller hvis Warrantindehaveren har givet
anledning til at blive lovligt bortvist,
bortfalder  samtlige  uudnyttede  Warrants
-  uanset om de  kan  udnyttes eller ej  (er

"modnede")        -        straks        og        uden
kompensation.
If the Warrant Holder terminates the em-
ployment  with the  Employer, if the employ-
ment  is  terminated  by  the  Employer  due  to
the Warrant Holder's material breach of the
employment relationship or if the Warrant
Holder has been dismissed summarily in a
legitimate way due to cause, all un-exercised
warrants - whether the Warrants have be-
come   exercisable   or   not   ("vested")   -   will
lapse immediately without any compensation
being payable.





	
	9




12.2 Hvis                   Selskabet                   opsiger
ansættelsesforholdet, og opsigelsen ikke
skyldes Warrantindehaverens grove
misligholdelse af ansættelsesforholdet
eller lovlig bortvisning af
Warrantindehaveren eller
Warrantindehaverens død, kan Warrants,
som er modnede (se punkt 12.3) på
tidspunktet for udløbet af
opsigelsesperioden,  udnyttes  senest
inden for det førstkommende ordinære
udnyttelsesvindue efter udløbet af
opsigelsesperioden. Warrants, der ikke
udnyttes   som   beskrevet   i   dette   punkt
12.2, bortfalder uden  kompensation. Det
præciseres, at Warrants, som ikke er
modnede ved opsigelsesperiodens udløb,
bortfalder       uden       kompensation       til
Warrantindehaveren.
If the Employer terminates the employment
and this is not due to the Warrant Holder's
material breach of the employment relation-
ship or to the Warrant Holder having been
dismissed  summarily  in  a  legitimate  way  or
if  the  Warrant  Holder  dies,  Warrants  that
have vested (see Clause 12.3) on the date of
termination of notice being served may be
exercised at the latest in the first ordinary
exercise window following the date of the
termination  notice  being  served.  Warrants
not exercised as set out in this Clause 0 will
lapse without any compensation being paya-
ble.  For  the  avoidance  of  doubt,  Warrants
that are not vested on the date of the termi-
nation notice  being  served  shall  lapse  with-
out any compensation being payable to the
Warrant Holder.

12.3   Warrants  shall  vest  monthly  starting  on

15 October 2018 and ending on 15 Octo-
ber 2021.
12.4 Hvis        Warrantindehaveren        opsiger
ansættelsesforholdet, og opsigelsen
skyldes grov misligholdelse fra Selskabets
side, er Warrantindehaveren berettiget til
at udnytte Warrrants i henhold til
betingelserne i Aftalen, som om
Warrantindehaveren   stadig   var   ansat   i
Selskabet.
Warrants  shall  vest  monthly  starting  on  15

October  2018  and  ending  on  15   October

2021.

If the Warrant Holder terminates the em-
ployment and the termination is due to the
material  breach by the  Employer, the  War-
rant Holder is entitled to exercise Warrants
in accordance with the terms set out in this
Agreement as if the Warrant Holder was still
employed with the Company.


13      Insiderhandel                                                                        13      Insider Trading


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


14      Skattemæssige forhold                                                   14      Tax Implications





	
	10




14.1 Samtlige skattemæssige forpligtelser og
konsekvenser   for
Warrantindehaverensom følge af
Warrantaftalen,  de  udstedte  Warrants
eller de erhvervede aktier gennem
udnyttelse af disse Warrants er alene
Warrantindehaverens      ansvar      og      er
Selskabet uvedkommende.
All  tax obligations  and  consequences  to  the
Warrant Holder resulting from this Agree-
ment, the Warrants issued or the shares ac-
quired by the exercise of such Warrants, are
the sole responsibility of the Warrant Holder
and of no concern to the Company.

14.2   Warrantindehaveren  er  kraftigt  opfordret
til at søge skattemæssig rådgivning i
forbindelse         med         indgåelsen         af
Warrantaftalen.
The  Warrant  Holder  is  strongly  encouraged
to seek tax advice in connection with enter-
ing into this Agreement.


15      Sprog                                                                                            15      Language


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






































 





	
	11


* 25 May 2022





	
	




























BILAG 8.4.L TIL VEDTÆGTER FOR                                    EXHIBIT 8.4.L TO THE ARTICLES OF
ASSOCIATION FOR
ZEALAND PHARMA A/S                                                                   ZEALAND PHARMA A/S





	
	2





INDHOLDSFORTEGNELSE/TABLE OF CONTENTS



1                      FORMÅL...................................................................................................... . 3
1                      PURPOSE .................................................................................................... . 3
2                      TILDELING AF WARRANTS............................................................................... 4
2                      GRANT OF WARRANTS.................................................................................... 4
3                      ALMINDELIG UDNYTTELSE AF WARRANTS .......................................................... 4
3                      ORDINARY EXERCISE OF THE WARRANTS .......................................................... 4
4                      EKSTRAORDINÆR UDNYTTELSE AF WARRANTS ................................................... 5
4                      EXTRAORDINARY EXERCISE OF THE WARRANTS.................................................. 5
5                      PRAKTISK UDNYTTELSE AF WARRANTS.............................................................. 5
5                      PRACTICALITIES IN CONNECTION WITH EXERCISE OF THE WARRANTS ................... 5
6                      TEGNINGSKURS FOR AKTIER VED UDNYTTELSE AF WARRANTS .............................. 5
6 SUBSCRIPTION   PRICE   FOR   SHARES   IN   CONNECTION   WITH   THE   EXERCISE   OF
WARRANTS ................................................................................................. . 5
7 REGULERING  AF  VILKÅR  FOR  WARRANTS  VED  VISSE  DEFINEREDE  ÆNDRINGER  I
SELSKABETS KAPITALFORHOLD ....................................................................... 7
7 ADJUSTMENT OF THE CONDITIONS FOR WARRANTS IN CASE OF CERTAIN DEFINED
CHANGES IN THE COMPANY'S CAPITAL STRUCTURE ............................................. 7
8                      OMSÆTTELIGHED .......................................................................................... 7
8                      TRANSFERABILITY ........................................................................................ . 7
9                      VILKÅR FOR NYE AKTIER UDSTEDT VED UDNYTTELSE AF WARRANTS ...................... 7
9                      CONDITIONS FOR NEW SHARES ISSUED FOLLOWING EXERCISE OF THE WARRANTS
................................................................................................................. . 7
10                   KAPITALFORHØJELSE VED UDNYTTELSE AF WARRANTS ........................................ 7
10                   CAPITAL INCREASE IN CONNECTION WITH THE EXERCISE OF THE WARRANTS ......... 7
11                   OMKOSTNINGER I FORBINDELSE MED UDSTEDELSE AF AKTIER ............................. 8
11                   COSTS RELATED TO THE ISSUE OF SHARES ....................................................... 8
12                   OPHØR     AF     ANSÆTTELSESFORHOLDET     -     WARRANTINDEHAVERE,     DER     ER
MEDARBEJDERE ............................................................................................ 8
12                   CEASE OF EMPLOYMENT STATUS - WARRANT HOLDERS WHO ARE EMPLOYEES.......... 8
13                   INSIDERHANDEL .......................................................................................... . 8
13                   INSIDER TRADING........................................................................................ . 8
14                   SKATTEMÆSSIGE FORHOLD ............................................................................ 8
14                   TAX IMPLICATIONS........................................................................................ 8
15                   SPROG ....................................................................................................... . 9
15                   LANGUAGE .................................................................................................. . 9





	
	3







1         Formål                                                                                         1         Purpose


1.1 På   bestyrelsesmødet   i   Zealand   Pharma
A/S ("Selskabet") den 10. april 2019 blev
der  i  overensstemmelse  med
vedtægternes  punkt  8.4  vedtaget
følgende nye bestemmelser vedrørende
udstedelse af warrants til visse af
Selskabets                                    medarbejdere
("Warrantindehaver") ("Warrants").
At the board meeting held in Zealand Pharma
A/S (the "Company") on 10 April 2019, the
following new provisions were adopted in ac-
cordance  with  Articles  8.4  of the  Articles  of
Association concerning the issuing of war-
rants to certain employees of the Company
(the "Warrant Holder") ("Warrants").


1.2


Bestyrelsen har besluttet at udstede op til

397.750  warrants  i  Selskabet  til  tegning
af   op   til   397.750   aktier   til   kr.   1,00
(nominelt kr. 397.750) i henhold til
vedtægternes punkt 8.4. 17.500 warrants
udstedt under dette program er pr. 13.
december 2019 bortfaldet. 63.500
warrants udstedt under dette program er
pr. 10. december 2021 bortfaldet. Som
følge af bortfald af warrants, er det
udestående antal warrants, der kan
udnyttes, reduceret til 334.250 warrants.


The Board of Directors has decided to issue
up to 397,750 Warrants in the Company for
the  subscription  of up  to  397,750  shares  of
DKK  1.00  (nominally DKK  397,750)  accord-
ing to Articles 8.4 of the Articles of Associa-
tion. 63,500 warrants issued under this pro-
gram  has  lapsed  per  10  December  2021.
48,500 warrants issued under this program
has lapsed per 10 December 2021. As a re- sult
of lapse of warrants, the number of war- rants
available for exercise has been reduced to
334,250 warrants.

1.3

Tegning  af  Warrants har fundet  sted  ved
elektronisk  underskrivelse  af
warrantaftale ("Warrantaftale").

The subscription of Warrants took place by
electronically signing of warrant agreement
(the "Warrant Agreement")

1.4

Warrants berettiger Warrantindehaveren
til at tegne aktier på de i bilag 8.1.A, som
modificeret ved bilag 8.1.C, til Selskabets
vedtægter  anførte  vilkår,  således gælder
endvidere  følgende  modifikationer  til bilag
8.1.A,   som   modificeret   ved   bilag
8.1.C:

The Warrants entitle the Warrant Holder to
subscribe for shares on the terms and condi-
tions stipulated in exhibit 8.1.A, as amended
by exhibit 8.1.C of the Articles of Association of
the Company. Furthermore, the following
amendments  to  exhibit  8.1.A,  as  amended
by exhibit 8.1.C shall apply: 





	
	4





2         Tildeling af Warrants                                                       2         Grant of Warrants


2.1 Hver Warrantindehaver har fået tildelt det Each Warrant Holder has been granted such
 antal warrants i Selskabet, som er anført number  of  warrants  in  the  Company  as  set
 i            Selskabets            meddelelse            til out in the message from the Company to the
 Warrantindehaveren i "Aktionærportalen" Warrant Holder made available at "Aktionær-
 på Selskabets hjemmeside, som vil være portalen" at the website of the Company on
 tilgængelig       den       10.       april       2019 10 April 2019 (the "Warrants") in accordance
("Warrants")   i   overensstemmelse   med
vilkårene      i      Aftalen      og      Selskabets
vedtægter.
with  the  terms  set  forth  in  this  Agreement
and the Company's Articles of Association.



2.2     Tildeling       af       Warrants       sker       uden

beregning.
The Warrants are granted free of charge.

2.3 Hver               Warrant               berettiger
Warrantindehaveren til at tegne 1 aktie à
nominelt kr. 1,00 i Selskabet i henhold til
de relevante bestemmelser anført i punkt
-     5     til     den     i     punkt     6     fastsatte

tegningskurs.
Each Warrant entitles the Warrant Holder to
subscribe for 1  share  of  nominal  value  DKK
1.00  in  the  Company  pursuant  to  the  rele-

vant conditions as set forth in Clauses 3 - 5
and at the relevant subscription price as de-
termined in Clause 6.

2.4     I   forbindelse   med   Selskabets   aktiebog
skal     der    føres    en     fortegnelse    over
samtlige udstedte Warrants.
In connection with the Company's register of
shareholders,  a  register  of  all  issued  War-
rants shall be kept.


3         Almindelig udnyttelse af Warrants                        3         Ordinary Exercise of the Warrants


3.1 Warrants kan udnyttes i perioden fra 10. The Warrants may be exercised in the period
 april   2022   til   og   med   10.   april   2024 from  10  April  2022  until  (and  including)  10
 ("Udnyttelsesperioden")    inden     for     de April   2024   ("Exercise   Period")   within   the
 udnyttelsesvinduer, der er anført i  punkt windows  set  forth  in  Clause  3.2.  Warrants
 3.2. Warrants, der ikke er blevet udnyttet which have not been exercised on or before
 på     eller     inden     den     sidste     dag     i the last day of the Exercise Period will auto-
 Udnyttelsesperioden,                      bortfalder matically lapse and become void without any
 automatisk     og    bliver    ugyldige    uden further  notice  and/or  compensation  to  the
  Warrant Holder. 





	
	5





yderligere  varsel  og/eller  kompensation

til Warrantindehaveren.

3.2     Inden      for      Udnyttelsesperioden      kan

Warrants udnyttes fire gange om året i et

4 ugers udnyttelses-vindue, der begynder
på  tidspunktet  for  offentliggørelse  af
enten Selskabets årsregnskab eller
perioderegnskab (henholdsvis 3, 6 eller 9
måneder).
Within   the   Exercise   Period,   the   Warrants
may be exercised four times a year during a
4-week  window  starting  from  the  time  of

publication of either the Company's annual
report or quarterly or semi-annual reports
(respectively 3, 6 and 9 months).

3.3   Warrantindehaveren er berettiget til at
udnytte alle eller en del af sine Warrants.
Warrantindehaveren kan dog ikke udnytte
mindre  end  25  procent  ad  gangen  af det
samlede antal Warrants, der er blevet
tildelt  Warrantindehaveren  i  henhold  til
Aftalen.
The Warrant Holder is entitled to exercise all
or part of his or her Warrants. However, the
Warrant Holder cannot exercise less than 25
per cent of the total number of Warrants
granted  in  accordance  with  this  Agreement
at a time.


4 Ekstraordinær udnyttelse af Warrants                4         Extraordinary Exercise of the War-
rants


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


5         Praktisk udnyttelse af Warrants                             5         Practicalities   in   connection   with

Exercise of the Warrants


5.1     Se bilag 8.1.C (ingen ændringer).                                 See exhibit 8.1.C (no changes).

6 Tegningskurs         for         aktier         ved
udnyttelse af Warrants
6 Subscription   Price   for   Shares   in
connection   with   the   Exercise   of
Warrants

6.1     Hver  Warrant  giver  Warrantindehaveren
ret til at tegne 1 aktie à nominelt kr. 1,00
i   Selskabet   til   en   tegningspris   på   kr.
127,00 ("Tegningskursen").
Each Warrant entitles the Warrant Holder to
subscribe for 1 share in the Company of a
nominal value of DKK 1.00 at a subscription
price   of   DKK    127.00    (the   "Subscription





	
	6





Price").


6.2 Tegningskursen kan reguleres som anført
i Aftalen.
The  Subscription  Price  may  be  regulated as
set out in the Agreement.

6.3

Uanset bestemmelserne i Aftalen, kan
Selskabet i tilfælde af, at
Warrantindehaveren ønsker at udnytte
Warrants, efter eget skøn beslutte at
foretage kontant afregning i stedet for at
udstede        aktier        i        Selskabet        til

Notwithstanding anything set out in the
Agreement, in the event that the Warrant
Holder gives notice that the Warrant Holder
wishes to exercise Warrants, the Company
may at its sole discretion decide to make the
settlement in cash instead of issuing shares
Warrantindehaveren. I så fald skal
Selskabet automatisk tilbagekøbe de
pågældende                  Warrants                  fra
Warrantindehaveren.
in the Company to the Warrant Holder. Con-
sequently, the Company will in such situation
automatically  buy  back  the  relevant  War-
rants from the Warrant Holder.

6.4  Såfremt     Selskabet        beslutter     at
tilbagekøbe Warrants, skal Selskabet
tilbagebetale   det   relevante
tegningsbeløb, som Warrantindehaveren
har betalt til Selskabet i forbindelse med
afgivelsen af udnyttelsesmeddelelsen.
Herudover skal Selskabet betale
Warrantindehaveren et kontant beløb for
hver Warrant, som udnyttes af
Warrantindehaveren, svarende til den
gennemsnitlige markedskurs per aktie på
tidspunktet for Warrantindehaverens
afgivelse  af udnyttelsesmeddelelsen  med
fradrag af et beløb svarende til
Tegningskursen ("Kontantbeløbet").
Kontantbeløbet betales efter fradrag af A-
skat og andre lovpligtige beløb, der skal
indeholdes af Selskabet. Efter betaling er
gennemført, skal de relevante Warrants
betragtes  som  værende  overdraget
tilbage til Selskabet, og
Warrantindehaveren   har   således   ingen
If the Company decides to buy back War- rants,
the Company shall repay the relevant
subscription amount paid to the Company by
the Warrant Holder in connection with the
delivery of the  exercise  notice. Further, the
Company shall  pay to  the  Warrant  Holder a
cash  amount  for each  Warrant  exercised  by
the  Warrant  Holder  equivalent  to  the  aver-
age market price per Share on the date on
which the exercise notice has been served by
the Warrant Holder deducted an amount
equivalent   to   the   Subscription   Price   (the
"Cash  Amount"). The  Cash  Amount  shall  be
paid after deduction of income tax ("A-tax")
and other statutory amounts to be withheld
by the Company. Upon such payment the
relevant Warrants shall be considered trans-
ferred back to the Company and the Warrant
Holder shall consequently have no further
rights with respect to such Warrants.





	
	7





rettigheder       vedrørende       med       disse

Warrants.

6.5  Såfremt     Selskabet        beslutter     at
tilbagekøbe Warrants og foretage kontant
afregning i stedet for at udstede aktier i
Selskabet, skal Selskabet underrette
Warrantindehaveren  herom  inden  30 dage
efter            modtagelsen            af
udnyttelsesmeddelelsen.
If  the  Company  decides  to  buy  back  War-
rants and make the settlement in cash in-
stead  of  delivering  shares  in  the  Company,
the  Company  must  inform  the  Warrant
Holder hereof within 30 days after having re-
ceived the exercise notice.

7 Regulering af vilkår for Warrants ved
visse definerede ændringer i
Selskabets kapitalforhold
7 Adjustment  of  the  Conditions  for
Warrants in case of certain defined
Changes  in  the  Company's  Capital
Structure


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


8         Omsættelighed                                                                     8         Transferability


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

9         Vilkår   for   nye   aktier   udstedt   ved

udnyttelse af Warrants
9         Conditions  for  New  Shares  issued

following Exercise of the Warrants


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

10      Kapitalforhøjelse   ved   udnyttelse   af

Warrants
10      Capital     Increase    in     connection

with the Exercise of the Warrants

10.1 Såfremt      Warrantindehaveren      giver
rettidig meddelelse om udnyttelse af
Warrants, skal Selskabet gennemføre den
dertil hørende kapitalforhøjelse.
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.

10.2 Størstebeløbet af den kapital, der kan
tegnes  på  grundlag  af  Warrants  er
nominelt   kr.   397.750   (op   til   397.750
The  maximum  increase  of  capital  that  may
be subscribed on basis of Warrants is nomi-
nally DKK 397,750 (up to 397,750 shares at





	
	8




aktier à kr. 1,00) og mindstebeløbet er kr.

1,00  (1  aktie  à  kr.  1,00)  Størstebeløbet
kan forøges eller reduceres i henhold til
bestemmelserne om regulering i punkt 7.
DKK 1.00 each) and the minimum amount is
DKK 1.00 (1 share at DKK 1.00) The maxi-
mum  amount  may  be  increased  or  reduced
in accordance with the provisions on adjust-
ment set forth in Clause 7.

11      Omkostninger     i     forbindelse     med

udstedelse af aktier
11      Costs    related    to    the    Issue    of

Shares


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

12      Ophør     af      ansættelsesforholdet     -
Warrantindehavere,              der              er
medarbejdere
12      Cease of Employment Status - War-
rant Holders who are Employees


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


13      Insiderhandel                                                                        13      Insider Trading


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


14      Skattemæssige forhold                                                   14      Tax Implications

14.1   Warrants          skal          være          underlagt
bestemmelserne i ligningslovens § 7 P.
Warrants  shall  be  subject  to  the  provisions
of Section 7 P of the Danish Tax Assessment
Act.

14.2 Samtlige skattemæssige forpligtelser og
konsekvenser   for
Warrantindehaverensom følge af
Warrantaftalen,  de  udstedte  Warrants
eller de erhvervede aktier gennem
udnyttelse af disse Warrants er alene
Warrantindehaverens      ansvar      og      er
Selskabet uvedkommende.
All  tax obligations  and  consequences  to  the
Warrant Holder resulting from this Agree-
ment, the Warrants issued or the shares ac-
quired by the exercise of such Warrants, are
the sole responsibility of the Warrant Holder
and of no concern to the Company.

14.3   Warrantindehaveren er  kraftigt opfordret
til   at   søge   skattemæssig   rådgivning   i
The  Warrant  Holder  is  strongly  encouraged





	
	9




forbindelse         med         indgåelsen         af

Warrantaftalen.
to seek tax advice in connection with enter-

ing into this Agreement.


15      Sprog                                                                                            15      Language


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

























































* 25 May 2022





	
	




























BILAG 8.4.M TIL VEDTÆGTER FOR                                   EXHIBIT 8.4.M TO THE ARTICLES OF
ASSOCIATION FOR
ZEALAND PHARMA A/S                                                                   ZEALAND PHARMA A/S





	
	2





INDHOLDSFORTEGNELSE/TABLE OF CONTENTS



1                      FORMÅL...................................................................................................... . 3
1                      PURPOSE .................................................................................................... . 3
2                      TILDELING AF WARRANTS............................................................................... 3
2                      GRANT OF WARRANTS.................................................................................... 3
3                      ALMINDELIG UDNYTTELSE AF WARRANTS .......................................................... 4
3                      ORDINARY EXERCISE OF THE WARRANTS .......................................................... 4
4                      EKSTRAORDINÆR UDNYTTELSE AF WARRANTS ................................................... 5
4                      EXTRAORDINARY EXERCISE OF THE WARRANTS.................................................. 5
5                      PRAKTISK UDNYTTELSE AF WARRANTS.............................................................. 5
5                      PRACTICALITIES IN CONNECTION WITH EXERCISE OF THE WARRANTS ................... 5
6                      TEGNINGSKURS FOR AKTIER VED UDNYTTELSE AF WARRANTS .............................. 5
6 SUBSCRIPTION   PRICE   FOR   SHARES   IN   CONNECTION   WITH   THE   EXERCISE   OF
WARRANTS ................................................................................................. . 5
7 REGULERING  AF  VILKÅR  FOR  WARRANTS  VED  VISSE  DEFINEREDE  ÆNDRINGER  I
SELSKABETS KAPITALFORHOLD ....................................................................... 7
7 ADJUSTMENT OF THE CONDITIONS FOR WARRANTS IN CASE OF CERTAIN DEFINED
CHANGES IN THE COMPANY'S CAPITAL STRUCTURE ............................................. 7
8                      OMSÆTTELIGHED .......................................................................................... 7
8                      TRANSFERABILITY ........................................................................................ . 7
9                      VILKÅR FOR NYE AKTIER UDSTEDT VED UDNYTTELSE AF WARRANTS ...................... 7
9                      CONDITIONS FOR NEW SHARES ISSUED FOLLOWING EXERCISE OF THE WARRANTS
................................................................................................................. . 7
10                   KAPITALFORHØJELSE VED UDNYTTELSE AF WARRANTS ........................................ 7
10                   CAPITAL INCREASE IN CONNECTION WITH THE EXERCISE OF THE WARRANTS ......... 7
11                   OMKOSTNINGER I FORBINDELSE MED UDSTEDELSE AF AKTIER ............................. 8
11                   COSTS RELATED TO THE ISSUE OF SHARES ....................................................... 8
12                   OPHØR     AF     ANSÆTTELSESFORHOLDET     -     WARRANTINDEHAVERE,     DER     ER
MEDARBEJDERE ............................................................................................ 8
12                   CEASE OF EMPLOYMENT STATUS - WARRANT HOLDERS WHO ARE EMPLOYEES.......... 8
13                   INSIDERHANDEL .......................................................................................... . 9
13                   INSIDER TRADING........................................................................................ . 9
14                   SKATTEMÆSSIGE FORHOLD ............................................................................ 9
14                   TAX IMPLICATIONS........................................................................................ 9
15                   SPROG ..................................................................................................... . 10
15                   LANGUAGE ................................................................................................ . 10





	
	3







1         Formål                                                                                         1         Purpose


1.1 På   bestyrelsesmødet   i   Zealand   Pharma At the board meeting held in Zealand Pharma
 A/S ("Selskabet") den 13. juni 2019 blev A/S  (the  "Company") on  13  June  2019,  the
 der          i          overensstemmelse          med following new provisions were adopted in ac-
 vedtægternes       punkt       8.4       vedtaget cordance  with  Articles  8.4  of the  Articles  of
 følgende   nye   bestemmelser   vedrørende Association  concerning  the  issuing  of  war-
 udstedelse    af     warrants    til     visse     af rants  to  certain  employees of  the  Company
 Selskabets                                    medarbejdere (the "Warrant Holder") ("Warrants").
("Warrantindehaver") ("Warrants").


1.2 Bestyrelsen har besluttet at udstede op til

168.388  warrants  i  Selskabet  til  tegning
af   op   til   168.388   aktier   til   kr.   1,00
(nominelt kr. 168.388) i henhold til
vedtægternes punkt 8.4. 26.716 warrants
udstedt under dette program er pr. 13.
december   2019 bortfaldet. Som følge af
bortfald  af  warrants,  er  det  udestående
The Board of Directors has decided to issue
up to 168,388 Warrants in the Company for
the  subscription  of up  to  168,388  shares  of
DKK  1.00  (nominally DKK  168,388)  accord-
ing to Articles 8.4 of the Articles of Associa-
tion. 26,716 warrants issued under this pro-
gram has lapsed per 13 December 2019. As
a result of lapse of warrants, the number of

antal     warrants,     der     kan     udnyttes,                warrants available for exercise has been re-
 reduceret til 141.672 warrants. duced to 141,672 warrants.

1.3

Warrants berettiger Warrantindehaveren
til at tegne aktier på de i bilag 8.1.A, som
modificeret ved bilag 8.1.C, til Selskabets
vedtægter anførte vilkår.

The Warrants entitle the Warrant Holder to
subscribe for shares on the terms and condi-
tions stipulated in exhibit 8.1.A, as amended
by exhibit 8.1.C of the Articles of Association of
the Company.

2

Tildeling af Warrants

2         Grant of Warrants

2.1

Hver Warrantindehaver har fået tildelt det
antal warrants i Selskabet, som er anført
i Selskabets meddelelse til
Warrantindehaveren i "Aktionærportalen"
på Selskabets hjemmeside, som vil være
tilgængelig  den  13.  juni  2019
("Warrants")   i   overensstemmelse   med

Each Warrant Holder has been granted such
number  of  warrants  in  the  Company  as  set
out in the message from the Company to the
Warrant Holder made available at "Aktionær-
portalen" at the website of the Company on
13 June 2019 (the "Warrants") in accordance
with   the   terms   set   forth   in   the   warrant 





	
	4




vilkårene i den/de warrantaftale(r), hvor
tegning  af  Warrants  i  henhold  til  dette
bilag  har  fundet  sted  ("Warrantaftalen")
og Selskabets vedtægter.
agreement(s) whereby subscription for the
Warrants in accordance with this exhibit
has/have taken place (the "Warrant Agree-
ment") and the Company's Articles of Asso-
ciation.

2.2     Tildeling       af       Warrants       sker       uden

beregning.
The Warrants are granted free of charge.


2.3 Hver Warrant berettiger
Warrantindehaveren til at tegne 1 aktie à
nominelt kr. 1,00 i Selskabet i henhold til
de relevante bestemmelser anført i punkt
3 - 5 til den i punkt 6 fastsatte tegningskurs.
Each Warrant entitles the Warrant Holder to
subscribe for 1  share  of  nominal  value  DKK
1.00  in  the  Company  pursuant  to  the  rele-
vant conditions as set forth in Clauses 3 - 5
and at the relevant subscription price as de-
termined in Clause 6.

2.4

I   forbindelse   med   Selskabets   aktiebog
skal  der  føres  en  fortegnelse  over
samtlige udstedte Warrants.

In connection with the Company's register of
shareholders, a register of all issued War-
rants shall be kept.

3

Almindelig udnyttelse af Warrants

3         Ordinary Exercise of the Warrants

3.1

Warrants kan udnyttes i perioden fra 13.
juni 2022 til og med 13. juni 2024
("Udnyttelsesperioden") inden for de
udnyttelsesvinduer, der er anført i  punkt
3.2. Warrants, der ikke er blevet udnyttet
på eller inden den sidste dag i
Udnyttelsesperioden, bortfalder
automatisk og bliver ugyldige uden
yderligere   varsel  og/eller  kompensation
til Warrantindehaveren.

The Warrants may be exercised in the period
from  13  June  2022  until  (and  including)  13
June 2024 ("Exercise Period") within the
windows set forth in Clause 3.2. Warrants
which have not been exercised on or before
the last day of the Exercise Period will auto-
matically lapse and become void without any
further notice and/or compensation to the
Warrant Holder.

3.2     Inden      for      Udnyttelsesperioden      kan

Warrants udnyttes fire gange om året i et

4 ugers udnyttelsesvindue, der begynder
på  tidspunktet  for  offentliggørelse  af
enten      Selskabets      årsregnskab      eller
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





	
	5





 perioderegnskab (henholdsvis 3, 6 eller 9
måneder).
(respectively 3, 6 and 9 months).

3.3

Warrantindehaveren er berettiget til at
udnytte alle eller en del af sine Warrants.
Warrantindehaveren kan dog ikke udnytte
mindre  end  25  procent  ad  gangen  af det
samlede antal Warrants, der er blevet
tildelt Warrantindehaveren i henhold til
Warrantaftalen.

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 the Warrant
Agreement at a time.

4

Ekstraordinær udnyttelse af Warrants

4 Extraordinary Exercise of the War-
rants

4.1

Se bilag 8.1.A, som skal finde anvendelse
med   den   modifikation   at   henvisningen
deri til  § 31-32  i  værdipapirhandelsloven
skal erstattes med en henvisning til § 44-
47 i kapitalmarkedsloven

See exhibit 8.1.A, which shall apply with the
modification that the reference therein to
Section 31-32 of the Danish Securities Trad-
ing Act shall be replaced by a reference to
Section 44-47 of the Danish Capital Markets
Act.

5

Praktisk udnyttelse af Warrants

5         Practicalities   in   connection   with

Exercise of the Warrants

5.1

Se bilag 8.1.C (ingen ændringer).

See exhibit 8.1.C (no changes).

6

Tegningskurs         for         aktier         ved
udnyttelse af Warrants

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

6.1

Hver Warrant giver Warrantindehaveren
ret til at tegne 1 aktie à nominelt kr. 1,00
i   Selskabet   til   en   tegningspris   på   kr.
138,60 ("Tegningskursen").

Each Warrant entitles the Warrant Holder to
subscribe for 1 share in the Company of a
nominal value of DKK 1.00 at a subscription
price of DKK 138.60 (the "Subscription Price").

6.2

Tegningskursen kan reguleres som anført
i Warrantaftalen.

The  Subscription  Price  may  be  regulated as 





	
	6





set out in the Warrant Agreement.

6.3     Uanset bestemmelserne i Warrantaftalen,
kan Selskabet i tilfælde af, at
Warrantindehaveren ønsker at udnytte
Warrants, efter eget skøn beslutte at
foretage kontant afregning i stedet for at
udstede aktier i Selskabet til
Warrantindehaveren. I så fald skal
Selskabet automatisk tilbagekøbe de
pågældende                  Warrants                  fra
Warrantindehaveren.
Notwithstanding anything set out in the War-
rant  Agreement, in  the  event  that  the  War-
rant Holder gives notice that the Warrant
Holder wishes to exercise Warrants, the
Company may at its sole discretion decide to
make the settlement in cash instead of issu-
ing shares in the Company to the Warrant
Holder. Consequently, the Company will in
such  situation  automatically  buy  back  the
relevant Warrants from the Warrant Holder.

6.4  Såfremt     Selskabet        beslutter     at
tilbagekøbe Warrants, skal Selskabet
tilbagebetale   det   relevante
tegningsbeløb, som Warrantindehaveren
har betalt til Selskabet i forbindelse med
afgivelsen af udnyttelsesmeddelelsen.
Herudover skal Selskabet betale
Warrantindehaveren et kontant beløb for
hver Warrant, som udnyttes af
Warrantindehaveren, svarende til den
gennemsnitlige markedskurs per aktie på
tidspunktet for Warrantindehaverens
afgivelse  af udnyttelsesmeddelelsen  med
fradrag af et beløb svarende til
Tegningskursen ("Kontantbeløbet").
Kontantbeløbet betales efter fradrag af A-
skat og andre lovpligtige beløb, der skal
indeholdes af Selskabet. Efter betaling er
gennemført, skal de relevante Warrants
betragtes  som  værende  overdraget
tilbage til Selskabet, og
Warrantindehaveren har således ingen
rettigheder vedrørende med disse
Warrants.
If the Company decides to buy back War- rants,
the Company shall repay the relevant
subscription amount paid to the Company by
the Warrant Holder in connection with the
delivery of the  exercise  notice. Further, the
Company shall  pay to  the  Warrant  Holder a
cash  amount  for each  Warrant  exercised  by
the  Warrant  Holder  equivalent  to  the  aver-
age market price per Share on the date on
which the exercise notice has been served by
the Warrant Holder deducted an amount
equivalent   to   the   Subscription   Price   (the
"Cash  Amount"). The  Cash  Amount  shall  be
paid after deduction of income tax ("A-tax")
and other statutory amounts to be withheld
by the Company. Upon such payment the
relevant Warrants shall be considered trans-
ferred back to the Company and the Warrant
Holder shall consequently have no further
rights with respect to such Warrants.





	
	7





6.5 Såfremt         Selskabet         beslutter         at If  the  Company  decides  to  buy  back  War-
 tilbagekøbe Warrants og foretage kontant rants  and  make  the  settlement  in  cash  in-
 afregning i  stedet  for  at  udstede  aktier  i stead  of  delivering  shares  in  the  Company,
 Selskabet,     skal     Selskabet     underrette the    Company    must    inform    the    Warrant
 Warrantindehaveren     herom     inden     30 Holder hereof within 30 days after having re-
 dage            efter            modtagelsen            af ceived the exercise notice.
udnyttelsesmeddelelsen.

7 Regulering af vilkår for Warrants ved
visse definerede ændringer i
Selskabets kapitalforhold
7 Adjustment  of  the  Conditions  for
Warrants in case of certain defined
Changes  in  the  Company's  Capital
Structure


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


8         Omsættelighed                                                                     8         Transferability


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

9         Vilkår   for   nye   aktier   udstedt   ved

udnyttelse af Warrants
9         Conditions  for  New  Shares  issued

following Exercise of the Warrants


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

10      Kapitalforhøjelse   ved   udnyttelse   af

Warrants
10      Capital     Increase    in     connection

with the Exercise of the Warrants

10.1 Såfremt      Warrantindehaveren      giver
rettidig meddelelse om udnyttelse af
Warrants, skal Selskabet gennemføre den
dertil hørende kapitalforhøjelse.
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.

10.2 Størstebeløbet af den kapital, der kan
tegnes  på  grundlag  af  Warrants  er
nominelt   kr.   168.388      (op   til   168.388
aktier à kr. 1,00) og mindstebeløbet er kr.
1,00  (1  aktie  à  kr.  1,00)  Størstebeløbet
kan  forøges  eller  reduceres  i  henhold  til
The  maximum  increase  of  capital  that  may
be subscribed on basis of Warrants is nomi-
nally DKK 168,388 (up to 168,388 shares at
DKK 1.00 each) and the minimum amount is
DKK 1.00 (1 share at DKK 1.00) The maxi-
mum  amount  may  be  increased  or  reduced





	
	8





bestemmelserne om regulering i punkt 7.                 in accordance with the provisions on adjust-

ment set forth in Clause 7.

11      Omkostninger     i     forbindelse     med

udstedelse af aktier
11      Costs    related    to    the    Issue    of

Shares


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

12      Ophør     af      ansættelsesforholdet     -
Warrantindehavere,              der              er
medarbejdere
13      Cessation  of  Employment  Status  -
Warrant Holders  who  are  Employ-
ees

13.1 Hvis   Warrantindehaveren   opsiger   sit
ansættelsesforhold   ved   Selskabet   eller
hvis ansættelsesforholdet ophæves af
Selskabet som følge af
Warrantindehaverens væsentlige
misligholdelse af ansættelsesforholdet
eller  hvis  Warrantindehaveren  bortvises
af lovlig grund bortfalder alle uudnyttede
warrants - uanset om Warrants er vestede
eller   ej   -   med   øjeblikkelig   virkning   og
uden kompensation.
If the Warrant Holder terminates the em-
ployment with the Company or if the employ-
ment  is  terminated  by  the  Company  due  to
the Warrant Holder's material breach of the
employment relationship or if the Warrant
Holder has been dismissed summarily in a
legitimate way due to cause, all unexercised
warrants  -  whether  the  Warrants  vested  or
not - will lapse immediately without any
compensation being payable.

13.2 Hvis                  Selskabet                  ophæver
ansættelsesforholdet  og  dette  ikke
skyldes Warrantindehaverens væsentlige
misligholdelse af ansættelsesforholdet
eller lovlig bortvisning af
Warrantindehaveren eller hvis
Warrantindehaveren   dør,   kan   Warrants
der er vestede (se punkt 13.4) på datoen for
levering af meddelelse om ophævelse
udnyttes senest i det ordinære
udnyttelsesvindue der falder senest 6
måneder efter datoen for Selskabets
levering   af   meddelelse   om   ophævelse
eller  på  datoen  for  Warrantindehaverens
If the Company terminates the employment
and this is not due to the Warrant Holder's
material breach of the employment relation-
ship or to the Warrant Holder having been
dismissed  summarily  in  a  legitimate  way  or
if  the  Warrant  Holder  dies,  Warrants  that
have vested (see Clause 13.4) on the date of
termination of notice being served may be
exercised at the latest in the ordinary exer-
cise window falling no later than 6 months after
the date of the termination notice being served
by the Company or the date on which the
Warrant Holder dies. Warrants not exer- cised
as set out in this Clause 13.2 will lapse





	
	9




død. Warrants der ikke udnyttes som
angivet  i  dette  punkt  13.2  vil  bortfalde
uden betaling af kompensation. Det
præciseres, at Warrants som ikke er
vestede på tidspunktet for levering af
meddelelse om ophævelse, skal bortfalde
uden kompensation til
Warrantindehaveren.
13.3   Hvis          Warrantindehaveren          opsiger

ansættelsesforholdet, og opsigelsen
skyldes Selskabets væsentlige
misligholdelse, er Warrantindehaveren
berettiget til at udnyttede Warrants i
overensstemmelse med vilkårene i dette
bilag, som om Warrantindehaveren stadig
var ansat i Selskabet.
without   any   compensation   being   payable.
For  the  avoidance  of  doubt,  Warrants  that
are not vested on the date of the termination
notice being served shall lapse without any
compensation being  payable to the  Warrant
Holder.



If the Warrant Holder terminates the em-
ployment and the termination is due to the
material breach by the Company, the War- rant
Holder  is  entitled  to  exercise  Warrants in
accordance with the terms set out in these
Articles   of   Association   as   if   the   Warrant
Holder was still employed with the Company.


13.4   Warrants vester den 13. juni 2022.                              Warrants shall vest on 13 June 2022.


14      Insiderhandel                                                                        13      Insider Trading


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


14      Skattemæssige forhold                                                   14      Tax Implications

14.1   Warrants          skal          være          underlagt
bestemmelserne i ligningslovens § 7 P.
Warrants  shall  be  subject  to  the  provisions
of Section 7 P of the Danish Tax Assessment
Act.

14.2 Samtlige skattemæssige forpligtelser og
konsekvenser   for
Warrantindehaverensom følge af
Warrantaftalen,  de  udstedte  Warrants
eller de erhvervede aktier gennem
udnyttelse af disse Warrants er alene
Warrantindehaverens ansvar og er
Selskabet uvedkommende.
All  tax obligations  and  consequences  to  the
Warrant Holder resulting from the Warrant
Agreement, the  Warrants issued  or the
shares acquired by the exercise of such War-
rants, are the sole responsibility of the War-
rant Holder and of no concern to the Com-
pany.





	
	10




14.3   Parterne er enige om, at værdien af hver
enkelt warrant er kr. 45,04, og at den
samlede  værdi af  tildelte warrants er  kr.
7.584.195,52     multipliceret     med     det

samlede antal af udstedte warrants.
The Parties agree that the value of each War-
rant is DKK 45.04 and that the total value of the
Warrants granted, is the value of each Warrant
DKK  7,584,195.52  multiplied  with
the total number of Warrants granted.

14.4   Warrantindehaveren  er  kraftigt  opfordret
til at søge skattemæssig rådgivning i
forbindelse         med         indgåelsen         af
Warrantaftalen.
The  Warrant  Holder  is  strongly  encouraged
to seek tax advice in connection with enter-
ing into the Warrant Agreement.


15      Sprog                                                                                            15      Language


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












































* 25 May 2022





	
	




























BILAG 8.4.N TIL VEDTÆGTER FOR                                   EXHIBIT 8.4.N TO THE ARTICLES OF
ASSOCIATION FOR
ZEALAND PHARMA A/S                                                                   ZEALAND PHARMA A/S





	
	2





INDHOLDSFORTEGNELSE/TABLE OF CONTENTS


1                      FORMÅL...................................................................................................... . 3
1                      PURPOSE .................................................................................................... . 3
2                      TILDELING AF WARRANTS............................................................................... 3
2                      GRANT OF WARRANTS.................................................................................... 3
3                      ALMINDELIG UDNYTTELSE AF WARRANTS .......................................................... 4
3                      ORDINARY EXERCISE OF THE WARRANTS .......................................................... 4
4                      EKSTRAORDINÆR UDNYTTELSE AF WARRANTS ................................................... 5
4                      EXTRAORDINARY EXERCISE OF THE WARRANTS.................................................. 5
5                      PRAKTISK UDNYTTELSE AF WARRANTS.............................................................. 5
5                      PRACTICALITIES IN CONNECTION WITH EXERCISE OF THE WARRANTS ................... 5
6                      TEGNINGSKURS FOR AKTIER VED UDNYTTELSE AF WARRANTS .............................. 5
6 SUBSCRIPTION   PRICE   FOR   SHARES   IN   CONNECTION   WITH   THE   EXERCISE   OF
WARRANTS ................................................................................................. . 5
7                      REGULERING  AF  VILKÅR  FOR  WARRANTS  VED  VISSE  DEFINEREDE  ÆNDRINGER  I
SELSKABETS KAPITALFORHOLD ....................................................................... 7
7 ADJUSTMENT OF THE CONDITIONS FOR WARRANTS IN CASE OF CERTAIN DEFINED
CHANGES IN THE COMPANY'S CAPITAL STRUCTURE ............................................. 7
8                      OMSÆTTELIGHED .......................................................................................... 7
8                      TRANSFERABILITY ........................................................................................ . 7
9                      VILKÅR FOR NYE AKTIER UDSTEDT VED UDNYTTELSE AF WARRANTS ...................... 7
9                      CONDITIONS FOR NEW SHARES ISSUED FOLLOWING EXERCISE OF THE WARRANTS
................................................................................................................. . 7
10                   KAPITALFORHØJELSE VED UDNYTTELSE AF WARRANTS ........................................ 7
10                   CAPITAL INCREASE IN CONNECTION WITH THE EXERCISE OF THE WARRANTS ......... 7
11                   OMKOSTNINGER I FORBINDELSE MED UDSTEDELSE AF AKTIER ............................. 8
11                   COSTS RELATED TO THE ISSUE OF SHARES ....................................................... 8
12                   OPHØR AF ANSÆTTELSESFORHOLDET ............................................................... 8
12                   CEASE OF EMPLOYMENT STATUS ...................................................................... 8
13                   INSIDERHANDEL .......................................................................................... . 9
13                   INSIDER TRADING........................................................................................ . 9
14                   SKATTEMÆSSIGE FORHOLD ............................................................................ 9
14                   TAX IMPLICATIONS........................................................................................ 9
15                   SPROG ..................................................................................................... . 10
15                   LANGUAGE ................................................................................................ . 10





	
	3





1         Formål                                                                                         1         Purpose


1.1 På   bestyrelsesmødet   i   Zealand   Pharma
A/S ("Selskabet") den 13. juni 2019 blev
der  i  overensstemmelse  med
vedtægternes  punkt  8.4  vedtaget
følgende nye bestemmelser vedrørende
udstedelse af warrants til visse af
Selskabets                                    medarbejdere
("Warrantindehaver") ("Warrants").
At the board meeting held in Zealand Pharma
A/S (the "Company") on 13 June 2019, the
following new provisions were adopted in ac-
cordance with Article 8.4 of the Articles of
Association concerning the issuing of war-
rants to certain employees of the Company
(the "Warrant Holder") ("Warrants").


1.2


Bestyrelsen har besluttet at udstede op til

25.976 warrants i Selskabet til tegning af op
til 25.976 aktier til kr. 1,00 (nominelt kr.
25.976) i henhold til vedtægternes punkt
8.4. 8.658 warrants udstedt under dette
program er pr. 10. december 2021
bortfaldet.   8.659   warrants   er   udnyttet
den  21.  august  2020,  og  8.659  warrants
er udnyttet den 10. september 2021. Som
følge af dels udnyttelse, dels bortfald af
warrants, er der ikke flere udestående
warrants der kan udnyttes.


The Board of Directors has decided to issue
up  to  25,976  Warrants  in  the  Company  for
the  subscription  of  up  to  25,976  shares  of
DKK 1.00 (nominally DKK 25,976) according to
Article  8.4  of  the  Articles  of  Association.
8,658  warrants  issued  under  this  program
has lapsed per 10 December 2021. 8,659
warrants were exercised on 21 August 2020,
and  8,659  warrants  were  exercised  on  10
September 2021.      As a result of exer-
cise/lapse of warrants, no warrants are left
available for exercise.

1.3

Warrants berettiger Warrantindehaveren
til at tegne aktier på de i bilag 8.1.A, som
modificeret ved bilag 8.1.C til Selskabets
vedtægter anførte vilkår.

The Warrants entitle the Warrant Holder to
subscribe for shares on the terms and condi-
tions stipulated in exhibit 8.1.A, as amended
by exhibit 8.1.C of the Articles of Association of
the Company.

2

Tildeling af Warrants

2         Grant of Warrants

2.1

Hver Warrantindehaver har fået tildelt det
antal warrants i Selskabet, som er anført
i Selskabets meddelelse til
Warrantindehaveren i "Aktionærportalen"
på Selskabets hjemmeside, som vil være
tilgængelig        den        13.        juni        2019

Each Warrant Holder has been granted such
number  of  warrants  in  the  Company  as  set
out in the message from the Company to the
Warrant Holder made available at "Aktionær-
portalen" at the website of the Company on
13 June 2019 (the "Warrants") in accordance 





	
	4




("Warrants") i overensstemmelse med
vilkårene i den/de   warrantaftale(r), hvor
tegning  af  Warrants  i  henhold  til  dette
bilag  har  fundet  sted  ("Warrantaftalen")
og Selskabets vedtægter.
with the terms set forth in the warrant
agreement(s) whereby subscription for the
Warrants in accordance with this exhibit
has/have taken place (the "Warrant Agree-
ment") and the Company's Articles of Asso-
ciation.

2.2     Tildeling       af       Warrants       sker       uden

beregning.
The Warrants are granted free of charge.

2.3 Hver               Warrant               berettiger
Warrantindehaveren til at tegne 1 aktie à
nominelt kr. 1,00 i Selskabet i henhold til
de relevante bestemmelser anført i punkt
3    -    5    til    den    i    punkt    6    fastsatte

tegningskurs.
Each Warrant entitles the Warrant Holder to
subscribe for 1  share  of  nominal  value  DKK
1.00  in  the  Company  pursuant  to  the  rele-
vant conditions as set forth in Clauses 3 - 5
and at the relevant subscription price as de-
termined in Clause 6.

2.4     I   forbindelse   med   Selskabets   aktiebog
skal     der    føres    en     fortegnelse    over
samtlige udstedte Warrants.
In connection with the Company's register of
shareholders,  a  register  of  all  issued  War-
rants shall be kept.

2.5     Warrants  vester  årligt  med  1/3  den  13.
juni  2020,  1/3  den  13.  juni  2021  og  1/3
den 13. juni 2022. Datoen på hvilken
Warrants   er   refereret   til   som   "Vesting
Dato".
Warrants shall vest annually with 1/3 on 13

June 2020, 1/3 on 13 June 2021 and 1/3 on

13  June  2022.  The  date  on  which  Warrants
vest is referred to as the "Vesting Date".

3         Almindelig udnyttelse af Warrants                        3         Ordinary Exercise of the Warrants

3.1   Vestede Warrants   (se punkt 2.5) kan
udnyttes i perioden fra den respektive
Vesting  Dato  og  indtil  (og  med)  den  13.
juni 2024 ("Udnyttelsesperioden") inden
for de udnyttelsesvinduer, der er anført i
punkt 3.2. Warrants, der ikke er blevet
udnyttet på eller inden den sidste dag i
Udnyttelsesperioden, bortfalder
automatisk og bliver ugyldige uden
yderligere  varsel  og/eller  kompensation
Vested Warrants (see Clause 2.5) may be ex-
ercised in the period from the respective
Vesting  Date  and  until  (and  including)  13
June 2024 ("Exercise Period") within the
windows set forth in Clause 3.2. Warrants
which have not been exercised on or before
the last day of the Exercise Period will auto-
matically lapse and become void without any





	
	5





til Warrantindehaveren.                                                       further  notice  and/or  compensation  to  the

Warrant Holder.




3.2 Inden      for      Udnyttelsesperioden      kan

Warrants udnyttes fire gange om året i et

4 ugers udnyttelses-vindue, der begynder
på  tidspunktet  for  offentliggørelse  af
enten Selskabets årsregnskab eller
perioderegnskab (henholdsvis 3, 6 eller 9
måneder).
Within   the   Exercise   Period,   the   Warrants
may be exercised four times a year during a
4-week  window  starting  from  the  time  of

publication of either the Company's annual
report or quarterly or semi-annual reports
(respectively 3, 6 and 9 months).

3.3

Warrantindehaveren er berettiget til at
udnytte alle eller en del af sine Warrants.
Warrantindehaveren kan dog ikke udnytte
mindre  end  25  procent  ad  gangen  af det
samlede antal Warrants, der er blevet
tildelt Warrantindehaveren i henhold til
Warrantaftalen.

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 the Warrant
Agreement at a time.

4

Ekstraordinær udnyttelse af Warrants

4 Extraordinary Exercise of the War-
rants

4.1

Se bilag 8.1.A, som skal finde anvendelse
med   den   modifikation   at   henvisningen
deri til  § 31-32  i  værdipapirhandelsloven
skal erstattes med en henvisning til § 44-
47 i kapitalmarkedsloven

See exhibit 8.1.A, which shall apply with the
modification that the reference therein to
Section 31-32 of the Danish Securities Trad-
ing Act shall be replaced by a reference to
Section 44-47 of the Danish Capital Markets
Act.

5

Praktisk udnyttelse af Warrants

5         Practicalities   in   connection   with

Exercise of the Warrants

5.1

Se bilag 8.1.C (ingen ændringer).

See exhibit 8.1.C (no changes).

6

Tegningskurs         for         aktier         ved
udnyttelse af Warrants

6 Subscription   Price   for   Shares   in
connection   with   the   Exercise   of 





	
	6





Warrants


6.1 Hver Warrant giver Warrantindehaveren
ret til at tegne 1 aktie à nominelt kr. 1,00
i   Selskabet   til   en   tegningspris   på   kr.
138,60 ("Tegningskursen").
Each Warrant entitles the Warrant Holder to
subscribe for 1 share in the Company of a
nominal value of DKK 1.00 at a subscription
price of DKK 138.60 (the "Subscription Price").

6.2

Tegningskursen kan reguleres som anført
i Warrantaftalen.

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

6.3

Uanset bestemmelserne i Warrantaftalen,
kan Selskabet i tilfælde af, at
Warrantindehaveren ønsker at udnytte
Warrants, efter eget skøn beslutte at
foretage kontant afregning i stedet for at
udstede        aktier        i        Selskabet        til

Notwithstanding anything set out in the War-
rant  Agreement, in  the  event  that  the  War-
rant Holder gives notice that the Warrant
Holder wishes to exercise Warrants, the
Company may at its sole discretion decide to
make the settlement in cash instead of issu-
Warrantindehaveren. I så fald skal
Selskabet automatisk tilbagekøbe de
pågældende                  Warrants                  fra
Warrantindehaveren.
ing shares in the Company to the Warrant
Holder. Consequently, the Company will in
such  situation  automatically  buy  back  the
relevant Warrants from the Warrant Holder

6.4  Såfremt     Selskabet        beslutter     at
tilbagekøbe Warrants, skal Selskabet
tilbagebetale   det   relevante
tegningsbeløb, som Warrantindehaveren
har betalt til Selskabet i forbindelse med
afgivelsen af udnyttelsesmeddelelsen.
Herudover skal Selskabet betale
Warrantindehaveren et kontant beløb for
hver Warrant, som udnyttes af
Warrantindehaveren, svarende til den
gennemsnitlige markedskurs per aktie på
tidspunktet for Warrantindehaverens
afgivelse  af udnyttelsesmeddelelsen  med
fradrag af et beløb svarende til
Tegningskursen ("Kontantbeløbet").
Kontantbeløbet betales efter fradrag af A-
If the Company decides to buy back War- rants,
the Company shall repay the relevant
subscription amount paid to the Company by
the Warrant Holder in connection with the
delivery of the  exercise  notice. Further, the
Company shall  pay to  the  Warrant  Holder a
cash  amount  for each  Warrant  exercised  by
the  Warrant  Holder  equivalent  to  the  aver-
age market price per Share on the date on
which the exercise notice has been served by
the Warrant Holder deducted an amount
equivalent   to   the   Subscription   Price   (the
"Cash  Amount"). The  Cash  Amount  shall  be
paid after deduction of income tax ("A-tax")
and other statutory amounts to be withheld
by  the  Company.  Upon  such  payment  the





	
	7




skat og andre lovpligtige beløb, der skal
indeholdes af Selskabet. Efter betaling er
gennemført, skal de relevante Warrants
betragtes  som  værende  overdraget
tilbage til Selskabet, og
Warrantindehaveren har således ingen
rettigheder       vedrørende       med       disse
Warrants.
relevant Warrants shall be considered trans-
ferred back to the Company and the Warrant
Holder shall consequently have no further
rights with respect to such Warrants.


6.5 Såfremt         Selskabet         beslutter         at If  the  Company  decides  to  buy  back  War-
 tilbagekøbe Warrants og foretage kontant rants  and  make  the  settlement  in  cash  in-
 afregning i  stedet  for  at  udstede  aktier  i stead  of  delivering  shares  in  the  Company,
 Selskabet,     skal     Selskabet     underrette the    Company    must    inform    the    Warrant
 Warrantindehaveren     herom     inden     30 Holder hereof within 30 days after having re-
 dage            efter            modtagelsen            af ceived the exercise notice.
udnyttelsesmeddelelsen.

7 Regulering af vilkår for Warrants ved
visse definerede ændringer i
Selskabets kapitalforhold
7 Adjustment  of  the  Conditions  for
Warrants in case of certain defined
Changes  in  the  Company's  Capital
Structure


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


8         Omsættelighed                                                                     8         Transferability


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

9         Vilkår   for   nye   aktier   udstedt   ved

udnyttelse af Warrants
9         Conditions  for  New  Shares  issued

following Exercise of the Warrants


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

10      Kapitalforhøjelse   ved   udnyttelse   af

Warrants
10      Capital     Increase    in     connection

with the Exercise of the Warrants

10.1   Såfremt         Warrantindehaveren         giver
rettidig    meddelelse    om    udnyttelse    af
In  the  event  that  the  Warrant  Holder  gives
notification  on  time  of  the  exercise  of  the





	
	8




Warrants, skal Selskabet gennemføre den

dertil hørende kapitalforhøjelse.
Warrants,  the  Company  shall  carry  out  the

relating increase of capital.

10.2 Størstebeløbet af den kapital, der kan
tegnes  på  grundlag  af  Warrants  er
nominelt kr. 25.976 (op til 25.976  aktier
 à kr. 1,00) og mindstebeløbet er kr. 1,00
(1 aktie à kr. 1,00) Størstebeløbet kan
forøges eller reduceres i henhold til
bestemmelserne om regulering i punkt 7.
The  maximum  increase  of  capital  that  may
be subscribed on basis of Warrants is nomi-
nally  DKK  25,976  (up  to  25,976  shares  at
DKK 1.00 each) and the minimum amount is
DKK 1.00 (1 share at DKK 1.00) The maxi-
mum  amount  may  be  increased  or  reduced
in accordance with the provisions on adjust-
ment set forth in Clause 7.

11      Omkostninger     i     forbindelse     med

udstedelse af aktier
11      Costs    related    to    the    Issue    of

Shares


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


12      Ophør af ansættelsesforholdet                                 12      Cessation of Employment Status

12.1 Hvis        Warrantindehaveren        opsiger
ansættelsesforholdet, der er indgået med
Selskabet, hvis ansættelseskontrakten
opsiges af Selskabet begrundet i
Warrantindehaverens   grove
misligholdelse af ansættelsesforholdet,
eller hvis Warrantindehaveren har givet
anledning til at blive lovligt bortvist,
bortfalder  samtlige  uudnyttede  Warrants
-  uanset om de  kan  udnyttes eller ej  (er

"vestede")         -         straks         og         uden
kompensation.
If the Warrant Holder terminates the em-
ployment  with the  Employer, if the employ-
ment  is  terminated  by  the  Employer  due  to
the Warrant Holder's material breach of the
employment relationship or if the Warrant
Holder has been dismissed summarily in a
legitimate way due to cause, all un-exercised
warrants - whether the Warrants have be-
come   exercisable   or   not   ("vested")   -   will
lapse immediately without any compensation
being payable.





	
	9




12.2 Hvis                   Selskabet                   opsiger
ansættelsesforholdet, og opsigelsen ikke
skyldes Warrantindehaverens væsentlige
misligholdelse af ansættelsesforholdet
eller lovlig bortvisning af
Warrantindehaveren eller
Warrantindehaverens død, kan Warrants,
som er vestede (se punkt 2.5) på
tidspunktet for levering af meddelelse om
ophævelse, udnyttes senest inden for det
førstkommende ordinære
udnyttelsesvindue som falder senest 6
måneder efter Selskabets levering af
meddelelse om ophævelse eller på den
dato, hvor Warrantindehaveren dør.
Warrants,  der  ikke  udnyttet  som
beskrevet i dette punkt 12.2, bortfalder
uden kompensation. Det præciseres, at
Warrants, som ikke er vestede ved
opsigelsesperiodens  udløb,  bortfalder
uden                      kompensation                      til
Warrantindehaveren.
If the Employer terminates the employment
and this is not due to the Warrant Holder's
material breach of the employment relation-
ship or to the Warrant Holder having been
dismissed  summarily  in  a  legitimate  way  or
if  the  Warrant  Holder  dies,  Warrants  that
have vested (see Clause 2.5) on the date of
termination of notice being served may be
exercised at the latest in the ordinary exer-
cise window falling no later than 6 months after
the date of the termination notice being served
by the Company or the date on which the
Warrant Holder dies. Warrants not exer- cised
as set out in this Clause 12.2 will lapse without
any   compensation   being   payable. For  the
avoidance  of  doubt,  Warrants  that are not
vested on the date of the termination notice
being served shall lapse without any
compensation being  payable to the  Warrant
Holder.

12.3 Hvis        Warrantindehaveren        opsiger
ansættelsesforholdet, og opsigelsen
skyldes grov misligholdelse fra Selskabets
side, er Warrantindehaveren berettiget til
at udnytte Warrants i henhold til
betingelserne i Warrantaftalen, som om
Warrantindehaveren   stadig   var   ansat   i
Selskabet.
If the Warrant Holder terminates the em-
ployment and the termination is due to the
material  breach by the  Employer, the  War-
rant Holder is entitled to exercise Warrants
in accordance with the terms set out in the
Warrant Agreement as if the Warrant Holder
was still employed with the Company.


13      Insiderhandel                                                                        13      Insider Trading


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


14      Skattemæssige forhold                                                   14      Tax Implications





	
	10




14.1 Samtlige skattemæssige forpligtelser og
konsekvenser   for
Warrantindehaverensom følge af
Warrantaftalen,  de  udstedte  Warrants
eller de erhvervede aktier gennem
udnyttelse af disse Warrants er alene
Warrantindehaverens      ansvar      og      er
Selskabet uvedkommende.
All  tax obligations  and  consequences  to  the
Warrant Holder resulting from the Warrant
Agreement, the  Warrants issued  or the
shares acquired by the exercise of such War-
rants, are the sole responsibility of the War-
rant Holder and of no concern to the Com-
pany.

14.2   Warrantindehaveren  er  kraftigt  opfordret
til at søge skattemæssig rådgivning i
forbindelse         med         indgåelsen         af
Warrantaftalen.
The  Warrant  Holder  is  strongly  encouraged
to seek tax advice in connection with enter-
ing into the Warrant Agreement.


15      Sprog                                                                                            15      Language


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






































 





	
	11


* 25 May 2022





	
	




























BILAG 8.4.O TIL VEDTÆGTER FOR                                   EXHIBIT 8.4.O TO THE ARTICLES OF
ASSOCIATION FOR
ZEALAND PHARMA A/S                                                                   ZEALAND PHARMA A/S





	
	2





INDHOLDSFORTEGNELSE/TABLE OF CONTENTS


1                      FORMÅL...................................................................................................... . 3
1                      PURPOSE .................................................................................................... . 3
2                      TILDELING AF WARRANTS............................................................................... 3
2                      GRANT OF WARRANTS.................................................................................... 3
3                      ALMINDELIG UDNYTTELSE AF WARRANTS .......................................................... 4
3                      ORDINARY EXERCISE OF THE WARRANTS .......................................................... 4
4                      EKSTRAORDINÆR UDNYTTELSE AF WARRANTS ................................................... 5
4                      EXTRAORDINARY EXERCISE OF THE WARRANTS.................................................. 5
5                      PRAKTISK UDNYTTELSE AF WARRANTS.............................................................. 5
5                      PRACTICALITIES IN CONNECTION WITH EXERCISE OF THE WARRANTS ................... 5
6                      TEGNINGSKURS FOR AKTIER VED UDNYTTELSE AF WARRANTS .............................. 5
6 SUBSCRIPTION   PRICE   FOR   SHARES   IN   CONNECTION   WITH   THE   EXERCISE   OF
WARRANTS ................................................................................................. . 5
7                      REGULERING  AF  VILKÅR  FOR  WARRANTS  VED  VISSE  DEFINEREDE  ÆNDRINGER  I
SELSKABETS KAPITALFORHOLD ....................................................................... 7
7 ADJUSTMENT OF THE CONDITIONS FOR WARRANTS IN CASE OF CERTAIN DEFINED
CHANGES IN THE COMPANY'S CAPITAL STRUCTURE ............................................. 7
8                      OMSÆTTELIGHED .......................................................................................... 7
8                      TRANSFERABILITY ........................................................................................ . 7
9                      VILKÅR FOR NYE AKTIER UDSTEDT VED UDNYTTELSE AF WARRANTS ...................... 7
9                      CONDITIONS FOR NEW SHARES ISSUED FOLLOWING EXERCISE OF THE WARRANTS
................................................................................................................. . 7
10                   KAPITALFORHØJELSE VED UDNYTTELSE AF WARRANTS ........................................ 7
10                   CAPITAL INCREASE IN CONNECTION WITH THE EXERCISE OF THE WARRANTS ......... 7
11                   OMKOSTNINGER I FORBINDELSE MED UDSTEDELSE AF AKTIER ............................. 8
11                   COSTS RELATED TO THE ISSUE OF SHARES ....................................................... 8
12                   OPHØR AF ANSÆTTELSESFORHOLDET ............................................................... 8
12                   CEASE OF EMPLOYMENT STATUS ...................................................................... 8
13                   INSIDERHANDEL .......................................................................................... . 9
13                   INSIDER TRADING........................................................................................ . 9
14                   SKATTEMÆSSIGE FORHOLD ............................................................................ 9
14                   TAX IMPLICATIONS........................................................................................ 9
15                   SPROG ..................................................................................................... . 10
15                   LANGUAGE ................................................................................................ . 10





	
	3





1         Formål                                                                                         1         Purpose

1.1     På   bestyrelsesmødet   i   Zealand   Pharma
A/S ("Selskabet") den  5. december 2019
blev der i overensstemmelse med
vedtægternes  punkt  8.4  vedtaget
følgende nye bestemmelser vedrørende
udstedelse af warrants til visse af
Selskabets                                    medarbejdere
("Warrantindehaver") ("Warrants").
At the board meeting held in Zealand Pharma
A/S  (the  "Company") on  5  December  2019,
the following new provisions were adopted in
accordance with Article 8.4 of the Articles of
Association concerning the issuing of war-
rants to certain employees of the Company
(the "Warrant Holder") ("Warrants").

1.2     Bestyrelsen har besluttet at udstede op til

48.915 warrants i Selskabet til tegning af op
til 48.915 aktier til kr. 1,00 (nominelt kr.
48.915) i henhold til vedtægternes punkt
8.4. 11.638 warrants udstedt under dette
program er pr. 10. september 2021
bortfaldet. Som følge af bortfald af
warrants, er det udestående antal
warrants, der kan  udnyttes, reduceret til
37.277 warrants.
The Board of Directors has decided to issue
up  to  48,915  Warrants  in  the  Company  for
the  subscription  of  up  to  48,915  shares  of
DKK 1.00 (nominally DKK 48,915) according to
Article 8.4 of the Articles of Association.
11,638 warrants issued under this program
has lapsed per 10 September 2021. As a re-
sult of lapse of warrants, the number of war-
rants available for exercise has been reduced
to 37,277 warrants.

1.3     Warrants  berettiger  Warrantindehaveren
til at tegne aktier på de i bilag 8.1.A, som
modificeret ved bilag 8.1.C til Selskabets
vedtægter anførte vilkår.
The Warrants entitle the Warrant Holder to
subscribe for shares on the terms and condi-
tions stipulated in exhibit 8.1.A, as amended
by exhibit 8.1.C of the Articles of Association
of the Company.


2         Tildeling af Warrants                                                       2         Grant of Warrants

2.1     Hver Warrantindehaver har fået tildelt det
antal warrants i Selskabet, som er anført
i Selskabets            meddelelse            til
Warrantindehaveren i "Aktionærportalen"
på Selskabets hjemmeside, som vil være
tilgængelig den 5. december 2019
("Warrants") i overensstemmelse med
vilkårene i den/de   warrantaftale(r), hvor
Each Warrant Holder has been granted such
number  of  warrants  in  the  Company  as  set
out in the message from the Company to the
Warrant Holder made available at "Aktionær-
portalen" at the website of the Company on
5  December  2019  (the  "Warrants")  in  ac-

cordance with the terms set forth in the war-
rant  agreement(s) whereby subscription  for





	
	4




tegning  af  Warrants  i  henhold  til  dette
bilag  har  fundet  sted  ("Warrantaftalen")
og Selskabets vedtægter.
the Warrants in accordance with this exhibit
has/have taken place (the "Warrant Agree-
ment") and the Company's Articles of Asso-
ciation.

2.2     Tildeling       af       Warrants       sker       uden
beregning.
The Warrants are granted free of charge.

2.3 Hver Warrant berettiger
Warrantindehaveren til at tegne 1 aktie à
nominelt kr. 1,00 i Selskabet i henhold til
de relevante bestemmelser anført i punkt
3    -    5    til    den    i    punkt    6    fastsatte

tegningskurs.
Each Warrant entitles the Warrant Holder to
subscribe for 1  share  of  nominal  value  DKK
1.00  in  the  Company  pursuant  to  the  rele-
vant conditions as set forth in Clauses 3 - 5
and at the relevant subscription price as de-
termined in Clause 6.

2.4

I   forbindelse   med   Selskabets   aktiebog

In connection with the Company's register of
 skal     der    føres    en     fortegnelse    over shareholders,  a  register  of  all  issued  War-
 samtlige udstedte Warrants. rants shall be kept.

2.5

Warrants  vester  årligt  med  1/3  den  5.

Warrants  shall  vest  annually  with  1/3  on  5
 december   2020,   1/3   den   5.   december December  2020,  1/3  on  5  December  2021
 2021   og   1/3   den   5.   december   2022. and 1/3 on 5 December. The date on  which
 Datoen  på  hvilken  Warrants  er  refereret Warrants vest is referred to as the "Vesting
 til som "Vesting Dato". Date".

3

Almindelig udnyttelse af Warrants

3         Ordinary Exercise of the Warrants

3.1

Vestede  Warrants     (se  punkt  2.5)   kan

Vested Warrants (see Clause 2.5) may be ex-
 udnyttes  i   perioden   fra   den   respektive ercised  in  the  period   from   the  respective
 Vesting  Dato  og  indtil  (og  med)  den  5. Vesting Date and until (and including) 5 De-
 december   2024   ("Udnyttelsesperioden") cember  2024  ("Exercise  Period")  within  the
 inden for de udnyttelsesvinduer, der er
anført  i  punkt  3.2. Warrants, der ikke  er
blevet  udnyttet  på  eller inden  den  sidste
dag i Udnyttelsesperioden, bortfalder
automatisk og bliver ugyldige uden
yderligere   varsel  og/eller  kompensation
til Warrantindehaveren.
windows set forth in Clause 3.2. Warrants
which have not been exercised on or before
the last day of the Exercise Period will auto-
matically lapse and become void without any
further notice and/or compensation to the
Warrant Holder. 





	
	5







3.2 Inden      for      Udnyttelsesperioden      kan

Warrants udnyttes fire gange om året i et

4 ugers udnyttelses-vindue, der begynder
på  tidspunktet  for  offentliggørelse  af
enten Selskabets årsregnskab eller
perioderegnskab (henholdsvis 3, 6 eller 9
måneder).
Within   the   Exercise   Period,   the   Warrants
may be exercised four times a year during a
4-week window starting from the time of
publication of either the Company's annual
report or quarterly or semi-annual reports
(respectively 3, 6 and 9 months).

3.3

Warrantindehaveren er berettiget til at
udnytte alle eller en del af sine Warrants.
Warrantindehaveren kan dog ikke udnytte
mindre  end  25  procent  ad  gangen  af det
samlede antal Warrants, der er blevet
tildelt Warrantindehaveren i henhold til
Warrantaftalen.

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 the Warrant
Agreement at a time.

4

Ekstraordinær udnyttelse af Warrants

4 Extraordinary Exercise of the War-
rants

4.1

Se bilag 8.1.A, som skal finde anvendelse
med   den   modifikation   at   henvisningen
deri til  § 31-32  i  værdipapirhandelsloven
skal erstattes med en henvisning til § 44-
47 i kapitalmarkedsloven

See exhibit 8.1.A, which shall apply with the
modification that the reference therein to
Section 31-32 of the Danish Securities Trad-
ing Act shall be replaced by a reference to
Section 44-47 of the Danish Capital Markets
Act.

5

Praktisk udnyttelse af Warrants

5         Practicalities   in   connection   with

Exercise of the Warrants

5.1

Se bilag 8.1.C (ingen ændringer).

See exhibit 8.1.C (no changes).

6

Tegningskurs         for         aktier         ved
udnyttelse af Warrants

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

6.1

Hver  Warrant  giver  Warrantindehaveren
ret til at tegne 1 aktie à nominelt kr. 1,00

Each Warrant entitles the Warrant Holder to
subscribe  for  1  share  in  the  Company  of  a 





	
	6





 i   Selskabet   til   en   tegningspris   på   kr.

220,00 ("Tegningskursen").
nominal value of DKK 1.00 at a subscription
price of DKK 220.00 (the "Subscription Price").

6.2

Tegningskursen kan reguleres som anført
i Warrantaftalen.

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

6.3

Uanset bestemmelserne i Warrantaftalen,
kan Selskabet i tilfælde af, at
Warrantindehaveren ønsker at udnytte
Warrants, efter eget skøn beslutte at
foretage kontant afregning i stedet for at
udstede        aktier        i        Selskabet        til

Notwithstanding anything set out in the War-
rant  Agreement, in  the  event  that  the  War-
rant Holder gives notice that the Warrant
Holder wishes to exercise Warrants, the
Company may at its sole discretion decide to
make the settlement in cash instead of issu-
Warrantindehaveren. I så fald skal
Selskabet automatisk tilbagekøbe de
pågældende                  Warrants                  fra
Warrantindehaveren.
ing shares in the Company to the Warrant
Holder. Consequently, the Company will in
such  situation  automatically  buy  back  the
relevant Warrants from the Warrant Holder

6.4  Såfremt     Selskabet        beslutter     at
tilbagekøbe Warrants, skal Selskabet
tilbagebetale   det   relevante
tegningsbeløb, som Warrantindehaveren
har betalt til Selskabet i forbindelse med
afgivelsen af udnyttelsesmeddelelsen.
Herudover skal Selskabet betale
Warrantindehaveren et kontant beløb for
hver Warrant, som udnyttes af
Warrantindehaveren, svarende til den
gennemsnitlige markedskurs per aktie på
tidspunktet for Warrantindehaverens
afgivelse  af udnyttelsesmeddelelsen  med
fradrag af et beløb svarende til
Tegningskursen ("Kontantbeløbet").
Kontantbeløbet betales efter fradrag af A-
skat og andre lovpligtige beløb, der skal
indeholdes af Selskabet. Efter betaling er
gennemført, skal de relevante Warrants
betragtes      som      værende      overdraget
If the Company decides to buy back War- rants,
the Company shall repay the relevant
subscription amount paid to the Company by
the Warrant Holder in connection with the
delivery of the  exercise  notice. Further, the
Company shall  pay to  the  Warrant  Holder a
cash  amount  for each  Warrant  exercised  by
the  Warrant  Holder  equivalent  to  the  aver-
age market price per Share on the date on
which the exercise notice has been served by
the Warrant Holder deducted an amount
equivalent   to   the   Subscription   Price   (the
"Cash  Amount"). The  Cash  Amount  shall  be
paid after deduction of income tax ("A-tax")
and other statutory amounts to be withheld
by the Company. Upon such payment the
relevant Warrants shall be considered trans-
ferred back to the Company and the Warrant
Holder  shall  consequently  have  no  further





	
	7




tilbage til Selskabet, og
Warrantindehaveren har således ingen
rettigheder       vedrørende       med       disse
Warrants.
rights with respect to such Warrants.


6.5 Såfremt         Selskabet         beslutter         at If  the  Company  decides  to  buy  back  War-
 tilbagekøbe Warrants og foretage kontant rants  and  make  the  settlement  in  cash  in-
 afregning i  stedet  for  at  udstede  aktier  i stead  of  delivering  shares  in  the  Company,
 Selskabet,     skal     Selskabet     underrette the    Company    must    inform    the    Warrant
 Warrantindehaveren     herom     inden     30 Holder hereof within 30 days after having re-
 dage            efter            modtagelsen            af ceived the exercise notice.
udnyttelsesmeddelelsen.

7 Regulering af vilkår for Warrants ved
visse definerede ændringer i
Selskabets kapitalforhold
7 Adjustment  of  the  Conditions  for
Warrants in case of certain defined
Changes  in  the  Company's  Capital
Structure


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


8         Omsættelighed                                                                     8         Transferability


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

9         Vilkår   for   nye   aktier   udstedt   ved

udnyttelse af Warrants
9         Conditions  for  New  Shares  issued

following Exercise of the Warrants


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

10      Kapitalforhøjelse   ved   udnyttelse   af

Warrants
10      Capital     Increase    in     connection

with the Exercise of the Warrants

10.1 Såfremt      Warrantindehaveren      giver
rettidig meddelelse om udnyttelse af
Warrants, skal Selskabet gennemføre den
dertil hørende kapitalforhøjelse.
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.


10.2   Størstebeløbet   af   den   kapital,   der   kan                The  maximum  increase  of  capital  that  may





	
	8




tegnes  på  grundlag  af  Warrants  er
nominelt kr. 48.915 (op til 48.915  aktier
 à kr. 1,00) og mindstebeløbet er kr. 1,00
(1 aktie à kr. 1,00) Størstebeløbet kan
forøges eller reduceres i henhold til
bestemmelserne om regulering i punkt 7.
be subscribed on basis of Warrants is nomi-
nally  DKK  48,915  (up  to  48,915  shares  at
DKK 1.00 each) and the minimum amount is
DKK 1.00 (1 share at DKK 1.00) The maxi-
mum  amount  may  be  increased  or  reduced
in accordance with the provisions on adjust-
ment set forth in Clause 7.

11      Omkostninger     i     forbindelse     med

udstedelse af aktier
11      Costs    related    to    the    Issue    of

Shares


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


12      Ophør af ansættelsesforholdet                                 12      Cessation of Employment Status

12.1 Hvis        Warrantindehaveren        opsiger
ansættelsesforholdet, der er indgået med
Selskabet, hvis ansættelseskontrakten
opsiges af Selskabet begrundet i
Warrantindehaverens   grove
misligholdelse af ansættelsesforholdet,
eller hvis Warrantindehaveren har givet
anledning til at blive lovligt bortvist,
bortfalder  samtlige  uudnyttede  Warrants
-  uanset om de  kan  udnyttes eller ej  (er

"vestede")         -         straks         og         uden
kompensation.
If the Warrant Holder terminates the em-
ployment  with the  Employer, if the employ-
ment  is  terminated  by  the  Employer  due  to
the Warrant Holder's material breach of the
employment relationship or if the Warrant
Holder has been dismissed summarily in a
legitimate way due to cause, all un-exercised
warrants - whether the Warrants have be-
come   exercisable   or   not   ("vested")   -   will
lapse immediately without any compensation
being payable.





	
	9




12.2 Hvis                   Selskabet                   opsiger
ansættelsesforholdet, og opsigelsen ikke
skyldes Warrantindehaverens væsentlige
misligholdelse af ansættelsesforholdet
eller lovlig bortvisning af
Warrantindehaveren eller
Warrantindehaverens død, kan Warrants,
som er vestede (se punkt 2.5) på
tidspunktet for levering af meddelelse om
ophævelse, udnyttes senest inden for det
førstkommende ordinære
udnyttelsesvindue som falder senest 6
måneder efter Selskabets levering af
meddelelse om ophævelse eller på den
dato, hvor Warrantindehaveren dør.
Warrants,  der  ikke  udnyttet  som
beskrevet i dette punkt 12.2, bortfalder
uden kompensation. Det præciseres, at
Warrants, som ikke er vestede ved
opsigelsesperiodens  udløb,  bortfalder
uden                      kompensation                      til
Warrantindehaveren.
If the Employer terminates the employment
and this is not due to the Warrant Holder's
material breach of the employment relation-
ship or to the Warrant Holder having been
dismissed  summarily  in  a  legitimate  way  or
if  the  Warrant  Holder  dies,  Warrants  that
have vested (see Clause 2.5) on the date of
termination of notice being served may be
exercised at the latest in the ordinary exer-
cise window falling no later than 6 months after
the date of the termination notice being served
by the Company or the date on which the
Warrant Holder dies. Warrants not exer- cised
as set out in this Clause 12.2 will lapse without
any   compensation   being   payable. For  the
avoidance  of  doubt,  Warrants  that are not
vested on the date of the termination notice
being served shall lapse without any
compensation being  payable to the  Warrant
Holder.

12.3 Hvis        Warrantindehaveren        opsiger
ansættelsesforholdet, og opsigelsen
skyldes grov misligholdelse fra Selskabets
side, er Warrantindehaveren berettiget til
at udnytte Warrants i henhold til
betingelserne i Warrantaftalen, som om
Warrantindehaveren   stadig   var   ansat   i
Selskabet.
If the Warrant Holder terminates the em-
ployment and the termination is due to the
material  breach by the  Employer, the  War-
rant Holder is entitled to exercise Warrants
in accordance with the terms set out in the
Warrant Agreement as if the Warrant Holder
was still employed with the Company.


13      Insiderhandel                                                                        13      Insider Trading


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


14      Skattemæssige forhold                                                   14      Tax Implications





	
	10




14.1 Samtlige skattemæssige forpligtelser og
konsekvenser   for
Warrantindehaverensom følge af
Warrantaftalen,  de  udstedte  Warrants
eller de erhvervede aktier gennem
udnyttelse af disse Warrants er alene
Warrantindehaverens      ansvar      og      er
Selskabet uvedkommende.
All  tax obligations  and  consequences  to  the
Warrant Holder resulting from the Warrant
Agreement, the  Warrants issued  or the
shares acquired by the exercise of such War-
rants, are the sole responsibility of the War-
rant Holder and of no concern to the Com-
pany.

14.2   Warrantindehaveren  er  kraftigt  opfordret
til at søge skattemæssig rådgivning i
forbindelse         med         indgåelsen         af
Warrantaftalen.
The  Warrant  Holder  is  strongly  encouraged
to seek tax advice in connection with enter-
ing into the Warrant Agreement.


15      Sprog                                                                                            15      Language


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





	
	




























BILAG 8.4.P TIL VEDTÆGTER FOR                                    EXHIBIT 8.4.P TO THE ARTICLES OF
ASSOCIATION FOR
ZEALAND PHARMA A/S                                                                   ZEALAND PHARMA A/S





	
	2





INDHOLDSFORTEGNELSE/TABLE OF CONTENTS


1                      FORMÅL...................................................................................................... . 3
1                      PURPOSE .................................................................................................... . 3
2                      TILDELING AF WARRANTS............................................................................... 3
2                      GRANT OF WARRANTS.................................................................................... 3
3                      ALMINDELIG UDNYTTELSE AF WARRANTS .......................................................... 4
3                      ORDINARY EXERCISE OF THE WARRANTS .......................................................... 4
4                      EKSTRAORDINÆR UDNYTTELSE AF WARRANTS ................................................... 5
4                      EXTRAORDINARY EXERCISE OF THE WARRANTS.................................................. 5
5                      PRAKTISK UDNYTTELSE AF WARRANTS.............................................................. 5
5                      PRACTICALITIES IN CONNECTION WITH EXERCISE OF THE WARRANTS ................... 5
6                      TEGNINGSKURS FOR AKTIER VED UDNYTTELSE AF WARRANTS .............................. 5
6 SUBSCRIPTION   PRICE   FOR   SHARES   IN   CONNECTION   WITH   THE   EXERCISE   OF
WARRANTS ................................................................................................. . 5
7                      REGULERING  AF  VILKÅR  FOR  WARRANTS  VED  VISSE  DEFINEREDE  ÆNDRINGER  I
SELSKABETS KAPITALFORHOLD ....................................................................... 6
7 ADJUSTMENT OF THE CONDITIONS FOR WARRANTS IN CASE OF CERTAIN DEFINED
CHANGES IN THE COMPANY'S CAPITAL STRUCTURE ............................................. 6
8                      OMSÆTTELIGHED .......................................................................................... 6
8                      TRANSFERABILITY ........................................................................................ . 6
9                      VILKÅR FOR NYE AKTIER UDSTEDT VED UDNYTTELSE AF WARRANTS ...................... 6
9                      CONDITIONS FOR NEW SHARES ISSUED FOLLOWING EXERCISE OF THE WARRANTS
................................................................................................................. . 6
10                   KAPITALFORHØJELSE VED UDNYTTELSE AF WARRANTS ........................................ 6
10                   CAPITAL INCREASE IN CONNECTION WITH THE EXERCISE OF THE WARRANTS ......... 6
11                   OMKOSTNINGER I FORBINDELSE MED UDSTEDELSE AF AKTIER ............................. 7
11                   COSTS RELATED TO THE ISSUE OF SHARES ....................................................... 7
12                   OPHØR     AF     ANSÆTTELSESFORHOLDET     -     WARRANTINDEHAVERE,     DER     ER
MEDARBEJDERE ............................................................................................ 7
12                   CEASE OF EMPLOYMENT STATUS - WARRANT HOLDERS WHO ARE EMPLOYEES.......... 7
13                   INSIDERHANDEL .......................................................................................... . 7
13                   INSIDER TRADING........................................................................................ . 7
14                   SKATTEMÆSSIGE FORHOLD ............................................................................ 7
14                   TAX IMPLICATIONS........................................................................................ 7
15                   SPROG ....................................................................................................... . 8
15                   LANGUAGE .................................................................................................. . 8





	
	3





1         Formål                                                                                         1         Purpose


1.1 På   bestyrelsesmødet   i   Zealand   Pharma
A/S ("Selskabet") den 15. april 2020 blev
der  i  overensstemmelse  med
vedtægternes  punkt  8.4  vedtaget
følgende nye bestemmelser vedrørende
udstedelse af warrants til visse af
Selskabets                                    medarbejdere
("Warrantindehaver") ("Warrants").
At the board meeting held in Zealand Pharma
A/S (the "Company") on 15 April 2020, the
following new provisions were adopted in ac-
cordance with Article 8.4 of the Articles of
Association concerning the issuing of war-
rants to certain employees of the Company
(the "Warrant Holder") ("Warrants").


1.2


Bestyrelsen har besluttet at udstede op til

283.250 warrants i Selskabet til tegning af
op til 283.250 aktier til kr. 1,00 (nominelt
kr. 283.250) i henhold til vedtægternes
punkt 8.4. 36.100 warrants udstedt under
dette program er pr. 10. december 2021
bortfaldet. Som følge af bortfald af
warrants, er det udestående antal
warrants, der kan  udnyttes, reduceret til
247.150 warrants.


The Board of Directors has decided to issue
up  to  283,250  Warrants  in  the  Company  for
the  subscription  of  up  to  283,250  shares  of
DKK 1.00 (nominally DKK 283,250) according
to  Article  8.4  of  the  Articles  of  Association.
36,100 warrants issued under this program
has lapsed per 10 December 2021. As a re- sult
of lapse of warrants, the number of war- rants
available for exercise has been reduced to
247,150 warrants.

1.3

Warrants berettiger Warrantindehaveren
til at tegne aktier på de i bilag 8.1.A, som
modificeret ved bilag 8.1.C til Selskabets
vedtægter  anførte  vilkår  og  dette  bilag
8.4.p  som  nærmere  angivet  i  det
følgende.

The Warrants entitle the Warrant Holder to
subscribe for shares on the terms and condi-
tions stipulated in exhibit 8.1.A, as amended
by exhibit 8.1.C of the Articles of Association of
the Company and this exhibit 8.4.p as set out
in the following.

2

Tildeling af Warrants

2         Grant of Warrants

2.1

Hver Warrantindehaver har fået tildelt det
antal warrants i Selskabet, som er anført
i Selskabets meddelelse til
Warrantindehaveren i "Aktionærportalen"
på Selskabets hjemmeside, som vil være
tilgængelig  den  15.  april  2020
("Warrants")   i   overensstemmelse   med

Each Warrant Holder has been granted such
number  of  warrants  in  the  Company  as  set
out in the message from the Company to the
Warrant Holder made available at "Aktionær-
portalen" at the website of the Company on
15 April 2020 (the "Warrants") in accordance
with   the   terms   set   forth   in   the   warrant 





	
	4




vilkårene i den/de   warrantaftale(r), hvor
tegning  af  Warrants  i  henhold  til  dette
bilag  har  fundet  sted  ("Warrantaftalen")
og Selskabets vedtægter.
agreement(s) whereby subscription for the
Warrants in accordance with this exhibit
has/have taken place (the "Warrant Agree-
ment") and the Company's Articles of Asso-
ciation.

2.2     Tildeling       af       Warrants       sker       uden

beregning.
The Warrants are granted free of charge.


2.3 Hver Warrant berettiger
Warrantindehaveren til at tegne 1 aktie à
nominelt kr. 1,00 i Selskabet i henhold til
de relevante bestemmelser anført i punkt
3 - 5 til den i punkt 6 fastsatte tegningskurs.
Each Warrant entitles the Warrant Holder to
subscribe for 1  share  of  nominal  value  DKK
1.00  in  the  Company  pursuant  to  the  rele-
vant conditions as set forth in Clauses 3 - 5
and at the relevant subscription price as de-
termined in Clause 6.

2.4

I   forbindelse   med   Selskabets   aktiebog

In connection with the Company's register of
 skal     der    føres    en     fortegnelse    over shareholders,  a  register  of  all  issued  War-
 samtlige udstedte Warrants. rants shall be kept.

2.5

Warrants    vester    samlet    tre    år    efter

Warrants  shall  vest  collectively  three  years
 tildeling   af   Warrants.   Warrants   vester after  the  date  of  grant  of  Warrants.  Thus,
 således  den  15.  april  2023.  Datoen  på Warrants vest collectively on 15 April 2023.
 hvilken Warrants vester refereres til som The date on which Warrants vest is referred
 "Vesting Dato". to as the "Vesting Date".

3

Almindelig udnyttelse af Warrants

3         Ordinary Exercise of the Warrants

3.1

Vestede  Warrants     (se  punkt  2.5)   kan

Vested Warrants (see Clause 2.5) may be ex-
 udnyttes  i   perioden   fra   den   respektive ercised  in  the  period   from   the  respective
 Vesting  Dato  og  indtil  (og  med)  den  14. Vesting  Date  and  until  (and  including)  14
 april  2030  ("Udnyttelsesperioden") inden April   2030   ("Exercise   Period")   within   the
 for de udnyttelsesvinduer, der er anført i
punkt 3.2. Warrants, der ikke er blevet
udnyttet på eller inden den sidste dag i
Udnyttelsesperioden, bortfalder
automatisk     og    bliver    ugyldige    uden
windows set forth in Clause 3.2. Warrants
which have not been exercised on or before
the last day of the Exercise Period will auto-
matically lapse and become void without any
yderligere  varsel  og/eller  kompensation





	
	5





til Warrantindehaveren.                                                       further  notice  and/or  compensation  to  the

Warrant Holder.




3.2 Inden      for      Udnyttelsesperioden      kan Within   the   Exercise   Period,   the   Warrants
 Warrants udnyttes fire gange om året i et may be exercised four times a year during a
 4 ugers udnyttelses-vindue, der begynder 4-week  window  starting  from  the  time  of
 på    tidspunktet    for    offentliggørelse    af publication  of  either  the  Company's  annual
 enten      Selskabets      årsregnskab      eller report  or  quarterly  or  semi-annual  reports
 perioderegnskab (henholdsvis 3, 6 eller 9 (respectively 3, 6 and 9 months).
 måneder).

3.3     Warrantindehaveren   er   berettiget  til   at

udnytte alle eller en del af sine Warrants.
The Warrant Holder is entitled to exercise all

or part of his or her Warrants.


4         Ekstraordinær udnyttelse af Warrants                4         Extraordinary Exercise of the War-

rants


4.1 Se bilag 8.1.A, som skal finde anvendelse See exhibit 8.1.A, which shall apply with the
 med   den   modifikation   at   henvisningen modification  that  the  reference  therein  to
 deri til § 31-32 i  værdipapirhandelsloven Section 31-32 of the Danish Securities Trad-
 skal erstattes med en henvisning til § 44- ing  Act  shall  be  replaced  by  a  reference  to
 47      i       kapitalmarkedsloven,      og      at Section 44-47 of the Danish Capital Markets
 henvisninger         til          NASDAQ         OMX Act, and that references therein to NASDAQ
Copenhagen  A/S  skal  erstattes  med  en

henvisning til Nasdaq Copenhagen.
OMX Copenhagen A/S shall be replaced by a

reference to Nasdaq Copenhagen.


5         Praktisk udnyttelse af Warrants                             5         Practicalities   in   connection   with

Exercise of the Warrants


5.1     Se bilag 8.1.C (ingen ændringer).                                 See exhibit 8.1.C (no changes).

6 Tegningskurs         for         aktier         ved
udnyttelse af Warrants
6 Subscription   Price   for   Shares   in
connection   with   the   Exercise   of
Warrants

6.1     Hver  Warrant  giver  Warrantindehaveren
ret til at tegne 1 aktie à nominelt kr. 1,00
Each Warrant entitles the Warrant Holder to
subscribe  for  1  share  in  the  Company  of  a





	
	6





 i   Selskabet   til   en   tegningspris   på   kr.

224,40 ("Tegningskursen").
nominal value of DKK 1.00 at a subscription
price of DKK 224.40 (the "Subscription Price").

6.2

Tegningskursen kan reguleres som anført
i Warrantaftalen.

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

7

Regulering af vilkår for Warrants ved

7         Adjustment  of  the  Conditions  for
visse        definerede        ændringer        i

Selskabets kapitalforhold
Warrants in case of certain defined

Changes  in  the  Company's  Capital

Structure

7.1     Se bilag 8.1.A, som skal finde anvendelse
med   den   modifikation   at   henvisningen
deri til vedtægternes punkt 8.1 skal
erstattes       med       en       henvisning       til
vedtægternes punkt 8.4.
See exhibit 8.1.A, which shall apply with the
modification that the reference therein to
Clause  8.1  shall  be  replaced  by  a  reference
to Clause 8.4 of the Articles of Association.


8         Omsættelighed                                                                     8         Transferability


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

9         Vilkår   for   nye   aktier   udstedt   ved

udnyttelse af Warrants
9         Conditions  for  New  Shares  issued

following Exercise of the Warrants

9.1     Se bilag 8.1.A, som skal finde anvendelse
med   den   modifikation,   at   henvisningen
deri   til   Erhvervs-   og   Selskabsstyrelsen
skal    erstattes    med    en    henvisning    til
Erhvervsstyrelsen.
See exhibit 8.1.A, which shall apply with the
modification that the reference therein to the
Danish Commerce and Companies Agency
shall be replaced by a reference to the Dan-
ish Business Authority.

10      Kapitalforhøjelse   ved   udnyttelse   af

Warrants
10      Capital     Increase    in     connection

with the Exercise of the Warrants

10.1 Såfremt      Warrantindehaveren      giver
rettidig meddelelse om udnyttelse af
Warrants, skal Selskabet gennemføre den
dertil hørende kapitalforhøjelse.
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.





	
	7






10.2 Størstebeløbet af den kapital, der kan
tegnes  på  grundlag  af  Warrants  er
nominelt   kr.   283.250   (op   til   283.250
aktier à kr. 1,00) og mindstebeløbet er kr.
1,00  (1  aktie  à  kr.  1,00)  Størstebeløbet

kan  forøges  eller  reduceres  i  henhold  til
bestemmelserne om regulering i punkt 7.

11 Omkostninger i forbindelse med
udstedelse af aktier
The  maximum  increase  of  capital  that  may
be subscribed on basis of Warrants is nomi-
nally DKK 283,250 (up to 283,250 shares at
DKK 1.00 each) and the minimum amount is
DKK 1.00 (1 share at DKK 1.00). The maxi-
mum  amount  may  be  increased  or  reduced
in accordance with the provisions on adjust-
ment set forth in Clause 7.
11      Costs    related    to    the    Issue    of

Shares


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

12      Ophør     af      ansættelsesforholdet     -
Warrantindehavere,              der              er
medarbejdere
12      Cease of Employment Status - War-
rant Holders who are Employees


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


13      Insiderhandel                                                                        13      Insider Trading


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


14      Skattemæssige forhold                                                   14      Tax Implications

14.1 Det er aftalt mellem Selskabet og hver
enkelt  Warrantindehaver, at
ligningslovens § 7P, i sin til enhver tid
gældende form, skal være gældende for
Warrants i videst muligt omfang.
It  has  been  agreed  between  the  Company
and the individual Warrant Holder's that
Section  7P  of  the  Danish  Tax  Assessment
Act  (in  Danish:  "Ligningsloven"),  as
amended  from  time  to  time,  shall  apply  to
the Warrants to the largest extent possible.

14.2 Selskabet påtager sig ingen garantier
overfor Warrantindehaveren for, at
Warrantindehaveren   vil   være   berettiget
til skattemæssig behandling efter
ligningslovens  §  7P,  i  sin  til  enhver  tid
The Company does not make any guarantees
to   the   Warrant   Holder   that   the   Warrant
Holder  will  be  subject  to  the  tax treatment
under Section 7P of the Danish Tax Assess-
ment  Act,  as  amended  from  time  to  time,





	
	8




gældende form, herunder hvis
betingelserne for bestemmelsens
anvendelse ikke er opfyldt eller hvis
bestemmelsen ændres eller ophæves i
fremtiden.
14.3   Samtlige  skattemæssige  forpligtelser  og

konsekvenser   for
Warrantindehaverensom følge af
Warrantaftalen,  de  udstedte  Warrants
eller de erhvervede aktier gennem
udnyttelse af disse Warrants er alene
Warrantindehaverens      ansvar      og      er
Selskabet uvedkommende.
including if the requirements for the appli-
cation of the provision are not met or if the
provision  is  altered  or  repealed  in  the  fu-
ture.


All  tax obligations  and  consequences  to  the
Warrant Holder resulting from the Warrant
Agreement,   the   Warrants   issued   or   the
shares acquired by the exercise of such
Warrants,  are  the  sole  responsibility of the
Warrant Holder and of no concern to the
Company.

14.4 Warrantindehaveren  er  blevet  kraftigt
opfordret til at søge skattemæssig
rådgivning  i  forbindelse  med  indgåelsen
af Warrantaftalen.
The Warrant Holder has been strongly en-
couraged to seek tax advice in connection with
entering into the Warrant Agreement.


15      Sprog                                                                                            15      Language


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





	
	




























BILAG 8.4.Q TIL VEDTÆGTER FOR                                   EXHIBIT 8.4.Q TO THE ARTICLES OF
ASSOCIATION FOR
ZEALAND PHARMA A/S                                                                   ZEALAND PHARMA A/S





	
	2





INDHOLDSFORTEGNELSE/TABLE OF CONTENTS


1                      FORMÅL...................................................................................................... . 3
1                      PURPOSE .................................................................................................... . 3
2                      TILDELING AF WARRANTS............................................................................... 3
2                      GRANT OF WARRANTS.................................................................................... 3
3                      ALMINDELIG UDNYTTELSE AF WARRANTS .......................................................... 4
3                      ORDINARY EXERCISE OF THE WARRANTS .......................................................... 4
4                      EKSTRAORDINÆR UDNYTTELSE AF WARRANTS ................................................... 5
4                      EXTRAORDINARY EXERCISE OF THE WARRANTS.................................................. 5
5                      PRAKTISK UDNYTTELSE AF WARRANTS.............................................................. 5
5                      PRACTICALITIES IN CONNECTION WITH EXERCISE OF THE WARRANTS ................... 5
6                      TEGNINGSKURS FOR AKTIER VED UDNYTTELSE AF WARRANTS .............................. 5
6 SUBSCRIPTION   PRICE   FOR   SHARES   IN   CONNECTION   WITH   THE   EXERCISE   OF
WARRANTS ................................................................................................. . 5
7                      REGULERING  AF  VILKÅR  FOR  WARRANTS  VED  VISSE  DEFINEREDE  ÆNDRINGER  I
SELSKABETS KAPITALFORHOLD ....................................................................... 7
7 ADJUSTMENT OF THE CONDITIONS FOR WARRANTS IN CASE OF CERTAIN DEFINED
CHANGES IN THE COMPANY'S CAPITAL STRUCTURE ............................................. 7
8                      OMSÆTTELIGHED .......................................................................................... 7
8                      TRANSFERABILITY ........................................................................................ . 7
9                      VILKÅR FOR NYE AKTIER UDSTEDT VED UDNYTTELSE AF WARRANTS ...................... 7
9                      CONDITIONS FOR NEW SHARES ISSUED FOLLOWING EXERCISE OF THE WARRANTS
................................................................................................................. . 7
10                   KAPITALFORHØJELSE VED UDNYTTELSE AF WARRANTS ........................................ 7
10                   CAPITAL INCREASE IN CONNECTION WITH THE EXERCISE OF THE WARRANTS ......... 7
11                   OMKOSTNINGER I FORBINDELSE MED UDSTEDELSE AF AKTIER ............................. 8
11                   COSTS RELATED TO THE ISSUE OF SHARES ....................................................... 8
12                   OPHØR AF ANSÆTTELSESFORHOLDET ............................................................... 8
12                   CESSATION OF EMPLOYMENT STATUS ............................................................... 8
13                   INSIDERHANDEL .......................................................................................... . 9
13                   INSIDER TRADING........................................................................................ . 9
14                   SKATTEMÆSSIGE FORHOLD ............................................................................ 9
14                   TAX IMPLICATIONS........................................................................................ 9
15                   SPROG ..................................................................................................... . 10
15                   LANGUAGE ................................................................................................ . 10





	
	3





1         Formål                                                                                         1         Purpose


1.1 På   bestyrelsesmødet   i   Zealand   Pharma
A/S ("Selskabet") den 15. april 2020 blev
der  i  overensstemmelse  med
vedtægternes  punkt  8.4  vedtaget
følgende nye bestemmelser vedrørende
udstedelse af warrants til visse af
Selskabets                                    medarbejdere
("Warrantindehaver") ("Warrants").
At the board meeting held in Zealand Pharma
A/S (the "Company") on 15 April 2020, the
following new provisions were adopted in ac-
cordance with Article 8.4 of the Articles of
Association concerning the issuing of war-
rants to certain employees of the Company
(the "Warrant Holder") ("Warrants").


1.2


Bestyrelsen har besluttet at udstede op til

220.764 warrants i Selskabet til tegning af
op til 220.764 aktier til kr. 1,00 (nominelt
kr. 220.764) i henhold til vedtægternes
punkt  8.4.  122.547  warrants  udstedt
under dette program er pr. 10. december
2021  bortfaldet. Som følge  af bortfald  af
warrants, er det udestående antal
warrants, der kan  udnyttes, reduceret til
98.217 warrants.


The Board of Directors has decided to issue
up  to  220,764  Warrants  in  the  Company  for
the  subscription  of  up  to  220,764  shares  of
DKK 1.00 (nominally DKK 220,764) according
to Article 8.4 of the Articles of Association.
122,547 warrants issued under this program
has lapsed per 10 December 2021. As a re- sult
of lapse of warrants, the number of war- rants
available for exercise has been reduced to
98,217 warrants.

1.3

Warrants berettiger Warrantindehaveren
til at tegne aktier på de i bilag 8.1.A, som
modificeret ved bilag 8.1.C til Selskabets
vedtægter  anførte  vilkår  og  dette  bilag
8.4.q  som  nærmere  angivet  i  det
følgende.

The Warrants entitle the Warrant Holder to
subscribe for shares on the terms and condi-
tions stipulated in exhibit 8.1.A, as amended
by exhibit 8.1.C of the Articles of Association of
the Company and this exhibit 8.4.q as set out
in the following.

2

Tildeling af Warrants

2         Grant of Warrants

2.1

Hver Warrantindehaver har fået tildelt det
antal warrants i Selskabet, som er anført
i Selskabets meddelelse til
Warrantindehaveren i "Aktionærportalen"
på Selskabets hjemmeside, som vil være
tilgængelig  den  15.  april  2020
("Warrants")   i   overensstemmelse   med

Each Warrant Holder has been granted such
number  of  warrants  in  the  Company  as  set
out in the message from the Company to the
Warrant Holder made available at "Aktionær-
portalen" at the website of the Company on
15 April 2020 (the "Warrants") in accordance
with   the   terms   set   forth   in   the   warrant 





	
	4




vilkårene i den/de   warrantaftale(r), hvor
tegning  af  Warrants  i  henhold  til  dette
bilag  har  fundet  sted  ("Warrantaftalen")
og Selskabets vedtægter.
agreement(s) whereby subscription for the
Warrants in accordance with this exhibit
has/have taken place (the "Warrant Agree-
ment") and the Company's Articles of Asso-
ciation.

2.2     Tildeling       af       Warrants       sker       uden
beregning.
The Warrants are granted free of charge.

2.3 Hver Warrant berettiger
Warrantindehaveren til at tegne 1 aktie à
nominelt kr. 1,00 i Selskabet i henhold til
de relevante bestemmelser anført i punkt
3 - 5 til den i punkt 6 fastsatte tegningskurs.
Each Warrant entitles the Warrant Holder to
subscribe for 1  share  of  nominal  value  DKK
1.00  in  the  Company  pursuant  to  the  rele-
vant conditions as set forth in Clauses 3 - 5
and at the relevant subscription price as de-
termined in Clause 6.

2.4

I   forbindelse   med   Selskabets   aktiebog
skal  der  føres  en  fortegnelse  over
samtlige udstedte Warrants.

In connection with the Company's register of
shareholders, a register of all issued War-
rants shall be kept.

2.5

Warrants vester løbende over en treårig
periode efter datoen for tildeling af
Warrants.  Derved  vester  Warrants  med
1/3 den 15. april 2021, 1/3 den 15. april

2022  og  1/3  den  15.  april  2023.  Datoen
på hvilken Warrants vester refereres til som
"Vesting Dato".

Warrants shall vest gradually over the three-
year period following the date of grant of
Warrants with an annual vest of 1/3. Hence,
Warrants  vests  with  1/3  on  15  April  2021,
1/3  on  15  April  2022  and  1/3  on  15  April

2023. The date on which Warrants vest is re-
ferred to as the "Vesting Date".

3

Almindelig udnyttelse af Warrants

3         Ordinary Exercise of the Warrants

3.1

Vestede Warrants   (se punkt 2.5) kan
udnyttes i perioden fra den respektive
Vesting Dato og indtil (og med) den 14. april
2030 ("Udnyttelsesperioden") inden for de
udnyttelsesvinduer, der er anført i punkt
3.2. Warrants, der ikke er blevet udnyttet
på eller inden den sidste dag i
Udnyttelsesperioden,                      bortfalder

Vested Warrants (see Clause 2.5) may be
exercised in the period from the respective
Vesting  Date  and  until  (and  including)  14
April 2030 ("Exercise Period") within the
windows set forth in Clause 3.2. Warrants
which have not been exercised on or before
the last day of the Exercise Period will auto-
matically lapse and become void without any 





	
	5




automatisk     og    bliver    ugyldige    uden
yderligere  varsel  og/eller  kompensation
til Warrantindehaveren.
further  notice  and/or  compensation  to  the

Warrant Holder.


3.2 Inden      for      Udnyttelsesperioden      kan

Warrants udnyttes fire gange om året i et

4 ugers udnyttelses-vindue, der begynder
på  tidspunktet  for  offentliggørelse  af
enten Selskabets årsregnskab eller
perioderegnskab (henholdsvis 3, 6 eller 9
måneder).
Within   the   Exercise   Period,   the   Warrants
may be exercised four times a year during a
4-week window starting from the time of
publication of either the Company's annual
report or quarterly or semi-annual reports
(respectively 3, 6 and 9 months).

3.3

Warrantindehaveren   er   berettiget  til   at
udnytte alle eller en del af sine Warrants.

The Warrant Holder is entitled to exercise all or
part of his or her Warrants.

4

Ekstraordinær udnyttelse af Warrants

4 Extraordinary Exercise of the War-
rants

4.1

Se bilag 8.1.A, som skal finde anvendelse
med   den   modifikation   at   henvisningen
deri til  § 31-32  i  værdipapirhandelsloven
skal erstattes med en henvisning til § 44-
47 i kapitalmarkedsloven, og at
henvisninger         til          NASDAQ         OMX

See exhibit 8.1.A, which shall apply with the
modification that the reference therein to
Section 31-32 of the Danish Securities Trad-
ing Act shall be replaced by a reference to
Section 44-47 of the Danish Capital Markets
Act, and that references therein to NASDAQ
Copenhagen  A/S  skal  erstattes  med  en

henvisning til Nasdaq Copenhagen.
OMX Copenhagen A/S shall be replaced by a

reference to Nasdaq Copenhagen.


5         Praktisk udnyttelse af Warrants                             5         Practicalities   in   connection   with

Exercise of the Warrants


5.1     Se bilag 8.1.C (ingen ændringer).                                 See exhibit 8.1.C (no changes).

6 Tegningskurs         for         aktier         ved
udnyttelse af Warrants
6 Subscription   Price   for   Shares   in
connection   with   the   Exercise   of
Warrants

6.1     Hver  Warrant  giver  Warrantindehaveren
ret til at tegne 1 aktie à nominelt kr. 1,00
i   Selskabet   til   en   tegningspris   på   kr.
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





	
	6





 224,40 ("Tegningskursen"). price   of   DKK    224.40    (the   "Subscription

Price").

6.2

Tegningskursen kan reguleres som anført
i Warrantaftalen.

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

6.3

Uanset bestemmelserne i Warrantaftalen,
kan Selskabet i tilfælde af, at
Warrantindehaveren ønsker at udnytte
Warrants, efter eget skøn beslutte at
foretage kontant afregning i stedet for at
udstede        aktier        i        Selskabet        til

Notwithstanding anything set out in the War-
rant  Agreement, in  the  event  that  the  War-
rant Holder gives notice that the Warrant
Holder wishes to exercise Warrants, the
Company may at its sole discretion decide to
make the settlement in cash instead of issu-
Warrantindehaveren. I så fald skal
Selskabet automatisk tilbagekøbe de
pågældende                  Warrants                  fra
Warrantindehaveren.
ing shares in the Company to the Warrant
Holder. Consequently, the Company will in
such  situation  automatically  buy  back  the
relevant Warrants from the Warrant Holder.

6.4  Såfremt     Selskabet        beslutter     at
tilbagekøbe Warrants, skal Selskabet
tilbagebetale   det   relevante
tegningsbeløb, som Warrantindehaveren
har betalt til Selskabet i forbindelse med
afgivelsen af udnyttelsesmeddelelsen.
Herudover skal Selskabet betale
Warrantindehaveren et kontant beløb for
hver Warrant, som udnyttes af
Warrantindehaveren, svarende til den
gennemsnitlige markedskurs per aktie på
tidspunktet for Warrantindehaverens
afgivelse  af udnyttelsesmeddelelsen  med
fradrag af et beløb svarende til
Tegningskursen ("Kontantbeløbet").
Kontantbeløbet betales efter fradrag af A-
skat og andre lovpligtige beløb, der skal
indeholdes af Selskabet. Efter betaling er
gennemført, skal de relevante Warrants
betragtes  som  værende  overdraget
tilbage              til              Selskabet,              og
If the Company decides to buy back War- rants,
the Company shall repay the relevant
subscription amount paid to the Company by
the Warrant Holder in connection with the
delivery of the  exercise  notice. Further, the
Company shall  pay to  the  Warrant  Holder a
cash  amount  for each  Warrant  exercised  by
the  Warrant  Holder  equivalent  to  the  aver-
age market price per Share on the date on
which the exercise notice has been served by
the Warrant Holder deducted an amount
equivalent   to   the   Subscription   Price   (the
"Cash  Amount"). The  Cash  Amount  shall  be
paid after deduction of income tax ("A-tax")
and other statutory amounts to be withheld
by the Company. Upon such payment the
relevant Warrants shall be considered trans-
ferred back to the Company and the Warrant
Holder shall consequently have no further
rights with respect to such Warrants.





	
	7





Warrantindehaveren   har   således   ingen
rettigheder       vedrørende       med       disse
Warrants.


6.5 Såfremt         Selskabet         beslutter         at If  the  Company  decides  to  buy  back  War-
 tilbagekøbe Warrants og foretage kontant rants  and  make  the  settlement  in  cash  in-
 afregning i  stedet  for  at  udstede  aktier  i stead  of  delivering  shares  in  the  Company,
 Selskabet,     skal     Selskabet     underrette the    Company    must    inform    the    Warrant
 Warrantindehaveren     herom     inden     30 Holder hereof within 30 days after having re-
 dage            efter            modtagelsen            af ceived the exercise notice.
udnyttelsesmeddelelsen.

7 Regulering af vilkår for Warrants ved
visse definerede ændringer i
Selskabets kapitalforhold
7 Adjustment  of  the  Conditions  for
Warrants in case of certain defined
Changes  in  the  Company's  Capital
Structure

7.1     Se bilag 8.1.A, som skal finde anvendelse
med   den   modifikation   at   henvisningen
deri til vedtægternes punkt 8.1 skal
erstattes       med       en       henvisning       til
vedtægternes punkt 8.4.
See exhibit 8.1.A, which shall apply with the
modification that the reference therein to
Clause  8.1  shall  be  replaced  by  a  reference
to Clause 8.4 of the Articles of Association.


8         Omsættelighed                                                                     8         Transferability


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

9         Vilkår   for   nye   aktier   udstedt   ved

udnyttelse af Warrants
9         Conditions  for  New  Shares  issued

following Exercise of the Warrants

9.1     Se bilag 8.1.A, som skal finde anvendelse
med   den   modifikation,   at   henvisningen
deri   til   Erhvervs-   og   Selskabsstyrelsen
skal    erstattes    med    en    henvisning    til
Erhvervsstyrelsen.
See exhibit 8.1.A, which shall apply with the
modification that the reference therein to the
Danish Commerce and Companies Agency
shall be replaced by a reference to the Dan-
ish Business Authority.


10      Kapitalforhøjelse   ved   udnyttelse   af                10      Capital     Increase    in     connection





	
	8





Warrants                                                                                                with the Exercise of the Warrants

10.1 Såfremt      Warrantindehaveren      giver
rettidig meddelelse om udnyttelse af
Warrants, skal Selskabet gennemføre den
dertil hørende kapitalforhøjelse.
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.

10.2 Størstebeløbet af den kapital, der kan
tegnes  på  grundlag  af  Warrants  er
nominelt   kr.   220.764   (op   til   220.764
aktier à kr. 1,00) og mindstebeløbet er kr.
1,00  (1  aktie  à  kr.  1,00)  Størstebeløbet

kan  forøges  eller  reduceres  i  henhold  til
bestemmelserne om regulering i punkt 7.
The  maximum  increase  of  capital  that  may
be subscribed on basis of Warrants is nomi-
nally DKK 220,764 (up to 220,764 shares at
DKK 1.00 each) and the minimum amount is
DKK 1.00 (1 share at DKK 1.00). The maxi-
mum  amount  may  be  increased  or  reduced
in accordance with the provisions on adjust-
ment set forth in Clause 7.

11      Omkostninger     i     forbindelse     med

udstedelse af aktier
11      Costs    related    to    the    Issue    of

Shares


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


12      Ophør af ansættelsesforholdet                                 12      Cessation of Employment Status

12.1 Hvis        Warrantindehaveren        opsiger
ansættelsesforholdet, der er indgået med
Selskabet, hvis ansættelseskontrakten
opsiges af Selskabet begrundet i
Warrantindehaverens   grove
misligholdelse af ansættelsesforholdet,
eller hvis Warrantindehaveren har givet
anledning til at blive lovligt bortvist,
bortfalder  samtlige  uudnyttede  Warrants
- uanset om de er vestede eller ej - straks

og uden kompensation.
If the Warrant Holder terminates the em-
ployment  with the  Employer, if the employ-
ment  is  terminated  by  the  Employer  due  to
the Warrant Holder's material breach of the
employment relationship or if the Warrant
Holder has been dismissed summarily in a
legitimate way due to cause, all un-exercised
warrants  -  whether  the  Warrants  have
vested or not - will lapse immediately with-
out any compensation being payable.

12.2 Hvis                   Selskabet                   opsiger
ansættelsesforholdet, og opsigelsen ikke
skyldes  Warrantindehaverens  væsentlige
If the Employer terminates the employment
and  this  is  not  due  to  the  Warrant  Holder's





	
	9




misligholdelse af ansættelsesforholdet
eller lovlig bortvisning af
Warrantindehaveren eller
Warrantindehaverens død, kan Warrants,
som er vestede (se punkt 2.5) på
tidspunktet for levering af meddelelse om
ophævelse, udnyttes senest inden for det
førstkommende ordinære
udnyttelsesvindue som falder senest 6
måneder efter Selskabets levering af
meddelelse om ophævelse eller på den
dato, hvor Warrantindehaveren dør.
Warrants,  der  ikke  udnyttet  som
beskrevet i dette punkt 12.2, bortfalder
uden kompensation. Det præciseres, at
Warrants, som ikke er vestede ved
opsigelsesperiodens  udløb,  bortfalder
uden kompensation til
Warrantindehaveren.
12.3   Hvis          Warrantindehaveren          opsiger

ansættelsesforholdet, og opsigelsen
skyldes grov misligholdelse fra Selskabets
side, er Warrantindehaveren berettiget til
at udnytte Warrants i henhold til
betingelserne i Warrantaftalen, som om
Warrantindehaveren   stadig   var   ansat   i
Selskabet.
material breach of the employment relation-
ship or to the Warrant Holder having been
dismissed  summarily  in  a  legitimate  way  or
if  the  Warrant  Holder  dies,  Warrants  that
have vested (see Clause 2.5) on the date of
termination of notice being served may be
exercised at the latest in the ordinary exer-
cise window falling no later than 6 months after
the date of the termination notice being served
by the Company or the date on which the
Warrant Holder dies. Warrants not exer- cised
as set out in this Clause 12.2 will lapse without
any   compensation   being   payable. For  the
avoidance  of  doubt,  Warrants  that are not
vested on the date of the termination notice
being served shall lapse without any
compensation being  payable to the  Warrant
Holder.


If the Warrant Holder terminates the em-
ployment and the termination is due to the
material breach by the Employer, the War-
rant  Holder  is  entitled  to  exercise  Warrants
in  accordance  with  the  terms set  out  in  the
Warrant Agreement as if the Warrant Holder
was still employed with the Company.


13      Insiderhandel                                                                        13      Insider Trading


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


14      Skattemæssige forhold                                                   14      Tax Implications

14.1 Samtlige skattemæssige forpligtelser og
konsekvenser   for
Warrantindehaverensom følge af
Warrantaftalen,    de    udstedte    Warrants
All  tax obligations  and  consequences  to  the
Warrant Holder resulting from the Warrant
Agreement,   the    Warrants   issued   or   the





	
	10




eller de erhvervede aktier gennem
udnyttelse af disse Warrants er alene
Warrantindehaverens      ansvar      og      er
Selskabet uvedkommende.
shares acquired by the exercise of such War-
rants, are the sole responsibility of the War-
rant  Holder  and  of  no  concern  to  the  Com-
pany.

14.2 Warrantindehaveren  er  blevet  kraftigt
opfordret til at søge skattemæssig
rådgivning  i  forbindelse  med  indgåelsen
af Warrantaftalen.
The Warrant Holder has been strongly en-
couraged  to  seek  tax  advice  in  connection
with entering into the Warrant Agreement.


15      Sprog                                                                                            15      Language


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





	
	




























BILAG 8.4.R TIL VEDTÆGTER FOR                                   EXHIBIT 8.4.R TO THE ARTICLES OF
ASSOCIATION FOR
ZEALAND PHARMA A/S                                                                   ZEALAND PHARMA A/S





	
	2





INDHOLDSFORTEGNELSE/TABLE OF CONTENTS


1                      FORMÅL...................................................................................................... . 3
1                      PURPOSE .................................................................................................... . 3
2                      TILDELING AF WARRANTS............................................................................... 3
2                      GRANT OF WARRANTS.................................................................................... 3
3                      ALMINDELIG UDNYTTELSE AF WARRANTS .......................................................... 4
3                      ORDINARY EXERCISE OF THE WARRANTS .......................................................... 4
4                      BELØBSGRÆNSE FOR HVER TILDELING ............................................................. 5
4                      VALUE CAP FOR EACH GRANT .......................................................................... 5
5                      EKSTRAORDINÆR UDNYTTELSE AF WARRANTS ................................................... 6
5                      EXTRAORDINARY EXERCISE OF THE WARRANTS.................................................. 6
6                      PRAKTISK UDNYTTELSE AF WARRANTS.............................................................. 6
6                      PRACTICALITIES IN CONNECTION WITH EXERCISE OF THE WARRANTS ................... 6
7                      TEGNINGSKURS FOR AKTIER VED UDNYTTELSE AF WARRANTS .............................. 6
7 SUBSCRIPTION   PRICE   FOR   SHARES   IN   CONNECTION   WITH   THE   EXERCISE   OF
WARRANTS ................................................................................................. . 6
8                      REGULERING  AF  VILKÅR  FOR  WARRANTS  VED  VISSE  DEFINEREDE  ÆNDRINGER  I
SELSKABETS KAPITALFORHOLD ....................................................................... 7
8 ADJUSTMENT OF THE CONDITIONS FOR WARRANTS IN CASE OF CERTAIN DEFINED
CHANGES IN THE COMPANY'S CAPITAL STRUCTURE ............................................. 7
9                      OMSÆTTELIGHED .......................................................................................... 7
9                      TRANSFERABILITY ........................................................................................ . 7
10                   VILKÅR FOR NYE AKTIER UDSTEDT VED UDNYTTELSE AF WARRANTS ...................... 7
10                   CONDITIONS FOR NEW SHARES ISSUED FOLLOWING EXERCISE OF THE WARRANTS
................................................................................................................. . 7
11                   KAPITALFORHØJELSE VED UDNYTTELSE AF WARRANTS ........................................ 7
11                   CAPITAL INCREASE IN CONNECTION WITH THE EXERCISE OF THE WARRANTS ......... 7
12                   OMKOSTNINGER I FORBINDELSE MED UDSTEDELSE AF AKTIER ............................. 8
12                   COSTS RELATED TO THE ISSUE OF SHARES ....................................................... 8
13                   OPHØR     AF     ANSÆTTELSESFORHOLDET     -     WARRANTINDEHAVERE,     DER     ER
MEDARBEJDERE ............................................................................................ 8
13                   CEASE OF EMPLOYMENT STATUS - WARRANT HOLDERS WHO ARE EMPLOYEES.......... 8
14                   INSIDERHANDEL .......................................................................................... . 9
14                   INSIDER TRADING........................................................................................ . 9
15                   SKATTEMÆSSIGE FORHOLD ............................................................................ 9
15                   TAX IMPLICATIONS........................................................................................ 9
16                   SPROG ..................................................................................................... . 10
16                   LANGUAGE ................................................................................................ . 10





	
	3





1         Formål                                                                                         1         Purpose


1.1












1.2
På   bestyrelsesmødet   i   Zealand   Pharma
A/S ("Selskabet") den 15. april 2020 blev
der  i  overensstemmelse  med
vedtægternes  punkt  8.4  vedtaget
følgende nye bestemmelser vedrørende
udstedelse af warrants til visse af
Selskabets medarbejdere
("Warrantindehaver") ("Warrants").
Bestyrelsen har besluttet at udstede op til
At the board meeting held in Zealand Pharma
A/S (the "Company") on 15 April 2020, the
following new provisions were adopted in ac-
cordance with Article 8.4 of the Articles of
Association concerning the issuing of war-
rants to certain employees of the Company
(the "Warrant Holder") ("Warrants").


The Board of Directors has decided to issue
 79.882 warrants  i  Selskabet  til  tegning  af
op til 79.882 aktier til kr. 1,00 (nominelt
kr. 79.882) i henhold til vedtægternes
punkt 8.4.
up to 79,882 Warrants in the Company for the
subscription  of  up  to  79,882  shares  of  DKK
1.00 (nominally DKK 79,882) according to Ar-
ticle 8.4 of the Articles of Association.

1.3

Warrants berettiger Warrantindehaveren
til at tegne aktier på de i bilag 8.1.A, som
modificeret ved bilag 8.1.C til Selskabets
vedtægter  anførte  vilkår  og  dette  bilag
8.4.p  som  nærmere  angivet  i  det
følgende.

The Warrants entitle the Warrant Holder to
subscribe for shares on the terms and condi-
tions stipulated in exhibit 8.1.A, as amended
by exhibit 8.1.C of the Articles of Association of
the Company and this exhibit 8.4.p as set out
in the following.

2

Tildeling af Warrants

2         Grant of Warrants

2.1

Hver Warrantindehaver har fået tildelt det
antal warrants i Selskabet, som er anført
i Selskabets meddelelse til
Warrantindehaveren i "Aktionærportalen"
på Selskabets hjemmeside, som vil være
tilgængelig  den  15.  april  2020
("Warrants") i overensstemmelse med
vilkårene i den/de   warrantaftale(r), hvor
tegning  af  Warrants  i  henhold  til  dette
bilag  har  fundet  sted  ("Warrantaftalen")
og Selskabets vedtægter.

Each Warrant Holder has been granted such
number  of  warrants  in  the  Company  as  set
out in the message from the Company to the
Warrant Holder made available at "Aktionær-
portalen" at the website of the Company on
15 April 2020 (the "Warrants") in accordance
with the terms set forth in the warrant
agreement(s) whereby subscription for the
Warrants in accordance with this exhibit
has/have taken place (the "Warrant Agree-
ment") and the Company's Articles of Asso-
ciation. 





	
	4




2.2     Tildeling       af       Warrants       sker       uden

beregning.
The Warrants are granted free of charge.

2.3 Hver               Warrant               berettiger
Warrantindehaveren til at tegne 1 aktie à
nominelt kr. 1,00 i Selskabet i henhold til
de relevante bestemmelser anført i punkt
3    -    6    til    den    i    punkt    7    fastsatte

tegningskurs.
Each Warrant entitles the Warrant Holder to
subscribe for 1  share  of  nominal  value  DKK
1.00  in  the  Company  pursuant  to  the  rele-

vant conditions as set forth in Clauses 3 - 6
and at the relevant subscription price as de-
termined in Clause 7.

2.4     I   forbindelse   med   Selskabets   aktiebog
skal     der    føres    en     fortegnelse    over
samtlige udstedte Warrants.
In connection with the Company's register of
shareholders,  a  register  of  all  issued  War-
rants shall be kept.

2.5   Warrants  vester  samlet  tre  år  efter tildeling
af Warrants. Warrants vester således den
15. april 2023. Datoen på hvilken Warrants
vester refereres til som
"Vesting Dato".
Warrants shall vest collectively three years
after the date of grant of Warrants. Thus,
Warrants vest collectively on 15 April 2023.
The date on which Warrants vest is referred
to as the "Vesting Date".



3         Almindelig udnyttelse af Warrants                        3         Ordinary Exercise of the Warrants

3.1   Vestede Warrants   (se punkt 2.5) kan
udnyttes i perioden fra den respektive
Vesting Dato og indtil (og med) den 14. april
2030 ("Udnyttelsesperioden") inden for de
udnyttelsesvinduer, der er anført i punkt
3.2. Warrants, der ikke er blevet udnyttet
på eller inden den sidste dag i
Udnyttelsesperioden, bortfalder
automatisk og bliver ugyldige uden
yderligere  varsel  og/eller  kompensation
til Warrantindehaveren.
Vested Warrants (see Clause 2.5) may be ex-
ercised in the period from the respective
Vesting  Date  and  until  (and  including)  14
April 2030 ("Exercise Period") within the
windows set forth in Clause 3.2. Warrants
which have not been exercised on or before
the last day of the Exercise Period will auto-
matically lapse and become void without any
further notice and/or compensation to the
Warrant Holder.

3.2     Inden      for      Udnyttelsesperioden      kan

Warrants udnyttes fire gange om året i et

4 ugers udnyttelses-vindue, der begynder
på    tidspunktet    for    offentliggørelse    af
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





	
	5




enten      Selskabets      årsregnskab      eller
perioderegnskab (henholdsvis 3, 6 eller 9
måneder).
report  or  quarterly  or  semi-annual  reports

(respectively 3, 6 and 9 months).

3.3     Warrantindehaveren   er   berettiget  til   at

udnytte alle eller en del af sine Warrants.
The Warrant Holder is entitled to exercise all

or part of his or her Warrants.


4         Beløbsgrænse for hver tildeling                              4         Value cap for each grant

4.1     Det  maksimale  afkast  ved  udnyttelse  af
hver Warrant-tildeling kan ikke overstige
et beløb svarende til fem gange det årlige
basisvederlag      ("Værdiloft")      for      den
enkelte Warrantindehaver.
The gross return from the exercise of each
grant  of Warrants cannot  exceed  a  value of
more than five times the annual base salary
(the  “Value  Cap”)  of  the  individual  Warrant
Holder.

4.2     Det   årlige   basisvederlag   beregnes   som
den faste årlige grundløn, som udbetales
af Selskabet eller et datterselskab til
Selskabet ("Arbejdsgiveren") til
Warrantindehaveren på tidspunktet for
tildelingen, før enhver betaling eller
fradrag af skat eller pensionsforpligtelser,
men eksklusive tillæg, bonus eller enhver
anden godtgørelse, som Arbejdsgiveren
eller Selskabet måtte betale, herunder
Warrants      eller      andre      aktiebaserede
incitamentsprogrammer.
The annual base salary is calculated as the
annual fixed salary payable by the Company
or a subsidiary of the Company (the "Em-
ployer") to the Warrant Holder at the time of
grant, prior to any payment or deduction of any
tax or pension obligations, but does not include
benefits, bonuses or any other po- tential
compensation payable by the Em- ployer  or
the  Company,  including  Warrants or other
share-based instruments.

4.3   Ved det maksimale afkast forstås det
sammenlagte og  samlede  afkast for hver
Warrant-tildeling til rådighed for
Warrantindehaveren   gennem   udnyttelse
af Warrants i Udnyttelsesperioden. Det
maksimale afkast beregnes som
differencen mellem beløbet svarende til
Warrants' samlede værdi
("Tegningsværdien") på tidspunktet, hvor
der  gives  meddelelse  om  udnyttelse  af
The gross return means the aggregated and
total return of each Warrant grant, available
to  the  Warrant  Holder  through  the  exercise
of Warrants during the  Exercise Period. The
gross return is calculated as the difference
between the amount equal to the total value
of the Warrants (the "Subscription Amount") at
the same time as giving notice of the ex- ercise
of the Warrants and the average clos- ing price
of the Company’s shares on Nasdaq





	
	6





 Warrants, og den gennemsnitlige slutkurs
på Selskabets aktier på Nasdaq
Copenhagen i de fem dage før enhver
udnyttelse  af  Warrants  i  en  enkelt
tildeling.
Copenhagen for the five days prior to one or
more exercises of Warrants in a single grant.

4.4

Hvis det  samlede  maksimale  afkast, som
defineret ovenfor i punkt 4.3, overstiger
Værdiloftet, vil enhver tilbageværende
Warrant   ved   den   pågældende   tildeling,
som  overstiger  Værdiloftet,  bortfalde
uden kompensation.

If the aggregated gross return, as defined in
Clause  4.3  above,  exceeds  the  Value  Cap,
any remaining Warrants for the grant in
question which exceeds the Value Cap, will
lapse without compensation.

5

Ekstraordinær udnyttelse af Warrants

5 Extraordinary Exercise of the War-
rants

5.1

Se bilag 8.1.A, som skal finde anvendelse
med   den   modifikation   at   henvisningen
deri til  § 31-32  i  værdipapirhandelsloven
skal erstattes med en henvisning til § 44-
47 i kapitalmarkedsloven, og at
henvisninger         til          NASDAQ         OMX

See exhibit 8.1.A, which shall apply with the
modification that the reference therein to
Section 31-32 of the Danish Securities Trad-
ing Act shall be replaced by a reference to
Section 44-47 of the Danish Capital Markets
Act, and that references therein to NASDAQ
Copenhagen  A/S  skal  erstattes  med  en

henvisning til Nasdaq Copenhagen.
OMX Copenhagen A/S shall be replaced by a

reference to Nasdaq Copenhagen.


6         Praktisk udnyttelse af Warrants                             6         Practicalities   in   connection   with

Exercise of the Warrants


6.1     Se bilag 8.1.C (ingen ændringer).                                 See exhibit 8.1.C (no changes).

7 Tegningskurs         for         aktier         ved
udnyttelse af Warrants
7 Subscription   Price   for   Shares   in
connection   with   the   Exercise   of
Warrants

7.1     Hver  Warrant  giver  Warrantindehaveren
ret til at tegne 1 aktie à nominelt kr. 1,00
i   Selskabet   til   en   tegningspris   på   kr.
224,40 ("Tegningskursen").
Each Warrant entitles the Warrant Holder to
subscribe for 1 share in the Company of a
nominal value of DKK 1.00 at a subscription
price   of   DKK    224.40    (the   "Subscription





	
	7





Price").

7.2     Tegningskursen kan reguleres som anført

i Warrantaftalen.
The  Subscription  Price  may  be  regulated as

set out in the Warrant Agreement.

8 Regulering af vilkår for Warrants ved
visse definerede ændringer i
Selskabets kapitalforhold
8 Adjustment  of  the  Conditions  for
Warrants in case of certain defined
Changes  in  the  Company's  Capital
Structure

8.1     Se bilag 8.1.A, som skal finde anvendelse
med   den   modifikation   at   henvisningen
deri til vedtægternes punkt 8.1 skal
erstattes       med       en       henvisning       til
vedtægternes punkt 8.4.
See exhibit 8.1.A, which shall apply with the
modification that the reference therein to
Clause  8.1  shall  be  replaced  by  a  reference
to Clause 8.4 of the Articles of Association.


9         Omsættelighed                                                                     9         Transferability


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

10      Vilkår   for   nye   aktier   udstedt   ved

udnyttelse af Warrants
10      Conditions  for  New  Shares  issued

following Exercise of the Warrants

10.1   Se bilag 8.1.A, som skal finde anvendelse
med   den   modifikation,   at   henvisningen
deri   til   Erhvervs-   og   Selskabsstyrelsen
skal    erstattes    med    en    henvisning    til
Erhvervsstyrelsen.
See exhibit 8.1.A, which shall apply with the
modification that the reference therein to the
Danish Commerce and Companies Agency
shall be replaced by a reference to the Dan-
ish Business Authority.

11      Kapitalforhøjelse   ved   udnyttelse   af

Warrants
11      Capital     Increase    in     connection

with the Exercise of the Warrants

11.1 Såfremt      Warrantindehaveren      giver
rettidig meddelelse om udnyttelse af
Warrants, skal Selskabet gennemføre den
dertil hørende kapitalforhøjelse.
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.


11.2   Størstebeløbet   af   den   kapital,   der   kan                The  maximum  increase  of  capital  that  may





	
	8





 tegnes    på    grundlag    af    Warrants    er be subscribed on basis of Warrants is nomi-
nominelt kr. 79.882 (op til 79.882  aktier nally  DKK  79,882  (up  to  79,882  shares  at
 à kr. 1,00) og mindstebeløbet er kr. 1,00 DKK 1.00 each) and the minimum amount is
(1  aktie  à  kr.  1,00)  Størstebeløbet  kan DKK 1.00 (1 share at DKK 1.00). The maxi-
forøges    eller    reduceres    i    henhold    til mum  amount  may  be  increased  or  reduced
bestemmelserne om regulering i punkt 8. in accordance with the provisions on adjust-
 ment set forth in Clause 8.
12 Omkostninger     i     forbindelse     med 12      Costs    related    to    the    Issue    of
 udstedelse af aktier Shares


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

13      Ophør     af      ansættelsesforholdet     -
Warrantindehavere,              der              er
medarbejdere
13      Cease of Employment Status - War-
rant Holders who are Employees

13.1 Hvis   Warrantindehaveren   opsiger   sit
ansættelsesforhold   ved   Selskabet   eller
hvis ansættelsesforholdet ophæves af
Selskabet som følge af
Warrantindehaverens væsentlige
misligholdelse af ansættelsesforholdet
eller  hvis  Warrantindehaveren  bortvises
af lovlig grund bortfalder alle uudnyttede
warrants - uanset om Warrants er vestede
eller   ej   -   med   øjeblikkelig   virkning   og
uden kompensation.
13.2 Hvis                  Selskabet                  ophæver
ansættelsesforholdet  og  dette  ikke
skyldes Warrantindehaverens væsentlige
misligholdelse af ansættelsesforholdet
eller lovlig bortvisning af
Warrantindehaveren eller hvis
Warrantindehaveren   dør,   kan   Warrants
der er vestede (se punkt Error! Refer-
ence  source  not found.)  på  datoen  for
levering af meddelelse om ophævelse
udnyttes       senest       i       det       ordinære
If the Warrant Holder terminates the em-
ployment with the Company or if the employ-
ment  is  terminated  by  the  Company  due  to
the Warrant Holder's material breach of the
employment relationship or if the Warrant
Holder has been dismissed summarily in a
legitimate way due to cause, all unexercised
warrants  -  whether  the  Warrants  vested  or
not - will lapse immediately without any
compensation being payable.


If the Company terminates the employment
and this is not due to the Warrant Holder's
material breach of the employment relation-
ship or to the Warrant Holder having been
dismissed  summarily  in  a  legitimate  way  or
if  the  Warrant  Holder  dies,  Warrants  that
have vested (see Clause Error! Reference
source not found.) on the date of termina-
tion of notice being served may be exercised
at the latest in the ordinary exercise window
falling no later than 6 months after the date





	
	9




udnyttelsesvindue der falder senest 6
måneder efter datoen for Selskabets
levering   af   meddelelse   om   ophævelse
eller på datoen for Warrantindehaverens
død. Warrants der ikke udnyttes som
angivet  i  dette  punkt  13.2  vil  bortfalde
uden betaling af kompensation. Det
præciseres, at Warrants som ikke er
vestede på tidspunktet for levering af
meddelelse om ophævelse, skal bortfalde
uden                      kompensation                      til
Warrantindehaveren.
of the termination notice being served by the
Company or the  date  on  which  the  Warrant
Holder  dies.  Warrants  not  exercised  as  set
out in this Clause 13.2 will lapse without any
compensation being payable. For the avoid-
ance of doubt, Warrants that are not vested
on the date of the termination notice being
served shall lapse without any compensation
being payable to the Warrant Holder.

13.3 Hvis        Warrantindehaveren        opsiger
ansættelsesforholdet, og opsigelsen
skyldes Selskabets væsentlige
misligholdelse, er Warrantindehaveren
berettiget til at udnyttede Warrants i
overensstemmelse med vilkårene i dette
bilag, som om Warrantindehaveren stadig
var ansat i Selskabet.
If the Warrant Holder terminates the em-
ployment and the termination is due to the
material breach by the Company, the War- rant
Holder  is  entitled  to  exercise  Warrants in
accordance with the terms set out in these
Articles   of   Association   as   if   the   Warrant
Holder was still employed with the Company.


13.4   Warrants vester den 15. april 2023.                            Warrants shall vest on 15 April 2023.


14      Insiderhandel                                                                        14      Insider Trading


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


15      Skattemæssige forhold                                                   15      Tax Implications

15.1 Det er aftalt mellem Selskabet og hver
enkelt  Warrantindehaver, at
ligningslovens § 7P, i sin til enhver tid
gældende form, skal være gældende for
Warrants i videst muligt omfang.
It  has  been  agreed  between  the  Company
and the individual Warrant Holder's that
Section  7P  of  the  Danish  Tax  Assessment
Act  (in  Danish:  "Ligningsloven"),  as
amended  from  time  to  time,  shall  apply  to
the Warrants to the largest extent possible.





	
	10




15.2 Selskabet påtager sig ingen garantier
overfor Warrantindehaveren for, at
Warrantindehaveren   vil   være   berettiget
til skattemæssig behandling efter
ligningslovens § 7P, i sin til enhver tid
gældende form, herunder hvis
betingelserne for bestemmelsens
anvendelse ikke er opfyldt eller hvis
bestemmelsen ændres eller ophæves i
fremtiden.
15.3 Samtlige skattemæssige forpligtelser og
konsekvenser   for
Warrantindehaverensom følge af
Warrantaftalen,  de  udstedte  Warrants
eller de erhvervede aktier gennem
udnyttelse af disse Warrants er alene
Warrantindehaverens      ansvar      og      er
Selskabet uvedkommende.
The Company does not make any guarantees
to   the   Warrant   Holder   that   the   Warrant
Holder  will  be  subject  to  the  tax treatment
under Section 7P of the Danish Tax Assess-
ment Act, as amended from time to time,
including if the requirements for the appli-
cation of the provision are not met or if the
provision  is  altered  or  repealed  in  the  fu-
ture.


All  tax obligations  and  consequences  to  the
Warrant Holder resulting from the Warrant
Agreement,   the   Warrants   issued   or   the
shares acquired by the exercise of such
Warrants,  are  the  sole  responsibility of the
Warrant Holder and of no concern to the
Company.

15.4 Warrantindehaveren  er  blevet  kraftigt
opfordret til at søge skattemæssig
rådgivning  i  forbindelse  med  indgåelsen
af Warrantaftalen.
The Warrant Holder has been strongly en-
couraged to seek tax advice in connection with
entering into the Warrant Agreement.


16      Sprog                                                                                            16      Language


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





	
	




























BILAG 8.4.S TIL VEDTÆGTER FOR                                    EXHIBIT 8.4.S TO THE ARTICLES OF
ASSOCIATION FOR
ZEALAND PHARMA A/S                                                                   ZEALAND PHARMA A/S





	
	2





INDHOLDSFORTEGNELSE/TABLE OF CONTENTS


1                      FORMÅL...................................................................................................... . 3
1                      PURPOSE .................................................................................................... . 3
2                      TILDELING AF WARRANTS............................................................................... 3
2                      GRANT OF WARRANTS.................................................................................... 3
3                      ALMINDELIG UDNYTTELSE AF WARRANTS .......................................................... 4
3                      ORDINARY EXERCISE OF THE WARRANTS .......................................................... 4
4                      BELØBSGRÆNSE FOR HVER TILDELING ............................................................. 5
4                      VALUE CAP FOR EACH GRANT .......................................................................... 5
5                      EKSTRAORDINÆR UDNYTTELSE AF WARRANTS ................................................... 6
5                      EXTRAORDINARY EXERCISE OF THE WARRANTS.................................................. 6
6                      PRAKTISK UDNYTTELSE AF WARRANTS.............................................................. 6
6                      PRACTICALITIES IN CONNECTION WITH EXERCISE OF THE WARRANTS ................... 6
7                      TEGNINGSKURS FOR AKTIER VED UDNYTTELSE AF WARRANTS .............................. 6
7 SUBSCRIPTION   PRICE   FOR   SHARES   IN   CONNECTION   WITH   THE   EXERCISE   OF
WARRANTS ................................................................................................. . 6
8                      REGULERING  AF  VILKÅR  FOR  WARRANTS  VED  VISSE  DEFINEREDE  ÆNDRINGER  I
SELSKABETS KAPITALFORHOLD ....................................................................... 8
8 ADJUSTMENT OF THE CONDITIONS FOR WARRANTS IN CASE OF CERTAIN DEFINED
CHANGES IN THE COMPANY'S CAPITAL STRUCTURE ............................................. 8
9                      OMSÆTTELIGHED .......................................................................................... 8
9                      TRANSFERABILITY ........................................................................................ . 8
10                   VILKÅR FOR NYE AKTIER UDSTEDT VED UDNYTTELSE AF WARRANTS ...................... 8
10                   CONDITIONS FOR NEW SHARES ISSUED FOLLOWING EXERCISE OF THE WARRANTS
................................................................................................................. . 8
11                   KAPITALFORHØJELSE VED UDNYTTELSE AF WARRANTS ........................................ 9
11                   CAPITAL INCREASE IN CONNECTION WITH THE EXERCISE OF THE WARRANTS ......... 9
12                   OMKOSTNINGER I FORBINDELSE MED UDSTEDELSE AF AKTIER ............................. 9
12                   COSTS RELATED TO THE ISSUE OF SHARES ....................................................... 9
13                   OPHØR AF ANSÆTTELSESFORHOLDET ............................................................... 9
13                   CESSATION OF EMPLOYMENT STATUS ............................................................... 9
14                   INSIDERHANDEL ........................................................................................ . 10
14                   INSIDER TRADING...................................................................................... . 10
15                   SKATTEMÆSSIGE FORHOLD .......................................................................... 10
15                   TAX IMPLICATIONS...................................................................................... 10
16                   SPROG ..................................................................................................... . 11
16                   LANGUAGE ................................................................................................ . 11





	
	3





1         Formål                                                                                         1         Purpose


1.1












1.2
På   bestyrelsesmødet   i   Zealand   Pharma
A/S ("Selskabet") den 15. april 2020 blev
der  i  overensstemmelse  med
vedtægternes  punkt  8.4  vedtaget
følgende nye bestemmelser vedrørende
udstedelse af warrants til visse af
Selskabets medarbejdere
("Warrantindehaver") ("Warrants").
Bestyrelsen har besluttet at udstede op til
At the board meeting held in Zealand Pharma
A/S (the "Company") on 15 April 2020, the
following new provisions were adopted in ac-
cordance with Article 8.4 of the Articles of
Association concerning the issuing of war-
rants to certain employees of the Company
(the "Warrant Holder") ("Warrants").


The Board of Directors has decided to issue
 47.392 warrants  i  Selskabet  til  tegning  af
op  til  47.392 aktier  til  kr.  1,00  (nominelt
kr. 47.392) i henhold til vedtægternes
punkt 8.4. 15.596 warrants udstedt under
dette program er pr. 10. december 2021
bortfaldet.
up to 47,392 Warrants in the Company for the
subscription  of  up  to  47,392  shares  of  DKK
1.00 (nominally DKK 47,392) according to Ar-
ticle   8.4   of   the   Articles   of   Association.
15,596  warrants  issued  under  this  program
has lapsed per 10 December 2021.

1.3

Warrants berettiger Warrantindehaveren
til at tegne aktier på de i bilag 8.1.A, som
modificeret ved bilag 8.1.C til Selskabets
vedtægter  anførte  vilkår  og  dette  bilag
8.4.q  som  nærmere  angivet  i  det
følgende.

The Warrants entitle the Warrant Holder to
subscribe for shares on the terms and condi-
tions stipulated in exhibit 8.1.A, as amended
by exhibit 8.1.C of the Articles of Association of
the Company and this exhibit 8.4.q as set out
in the following.

2

Tildeling af Warrants

2         Grant of Warrants

2.1

Hver Warrantindehaver har fået tildelt det
antal warrants i Selskabet, som er anført
i Selskabets meddelelse til
Warrantindehaveren i "Aktionærportalen"
på Selskabets hjemmeside, som vil være
tilgængelig  den  15.  april  2020
("Warrants") i overensstemmelse med
vilkårene i den/de   warrantaftale(r), hvor
tegning  af  Warrants  i  henhold  til  dette
bilag  har  fundet  sted  ("Warrantaftalen")
og Selskabets vedtægter.

Each Warrant Holder has been granted such
number  of  warrants  in  the  Company  as  set
out in the message from the Company to the
Warrant Holder made available at "Aktionær-
portalen" at the website of the Company on
15 April 2020 (the "Warrants") in accordance
with the terms set forth in the warrant
agreement(s) whereby subscription for the
Warrants in accordance with this exhibit
has/have  taken  place  (the  "Warrant  Agree- 





	
	4







2.2     Tildeling       af       Warrants       sker       uden
beregning.
ment") and the Company's Articles of Asso-
ciation.
The Warrants are granted free of charge.

2.3 Hver               Warrant               berettiger
Warrantindehaveren til at tegne 1 aktie à
nominelt kr. 1,00 i Selskabet i henhold til
de relevante bestemmelser anført i punkt
3    -    6    til    den    i    punkt    7    fastsatte

tegningskurs.
Each Warrant entitles the Warrant Holder to
subscribe for 1  share  of  nominal  value  DKK
1.00  in  the  Company  pursuant  to  the  rele-
vant conditions as set forth in Clauses 3 - 6
and at the relevant subscription price as de-
termined in Clause 7.

2.4     I   forbindelse   med   Selskabets   aktiebog
skal     der    føres    en     fortegnelse    over
samtlige udstedte Warrants.
In connection with the Company's register of
shareholders,  a  register  of  all  issued  War-
rants shall be kept.

2.5    Warrants vester løbende over en treårig
periode efter datoen for tildeling af
Warrants.  Derved  vester  Warrants  med
1/3 den 15. april 2021, 1/3 den 15. april
2022  og  1/3  den  15.  april  2023.  Datoen
på hvilken Warrants vester refereres til som
"Vesting Dato".
Warrants shall vest gradually over the three-
year period following the date of grant of
Warrants with an annual vest of 1/3. Hence,
Warrants  vests  with  1/3  on  15  April  2021,
1/3  on  15  April  2022  and  1/3  on  15  April
2023. The date on which Warrants vest is re-
ferred to as the "Vesting Date".



3         Almindelig udnyttelse af Warrants                        3         Ordinary Exercise of the Warrants

3.1   Vestede Warrants   (se punkt 2.5) kan
udnyttes i perioden fra den respektive
Vesting Dato og indtil (og med) den 14. april
2030 ("Udnyttelsesperioden") inden for de
udnyttelsesvinduer, der er anført i punkt
3.2. Warrants, der ikke er blevet udnyttet
på eller inden den sidste dag i
Udnyttelsesperioden, bortfalder
automatisk og bliver ugyldige uden
yderligere   varsel  og/eller  kompensation
til Warrantindehaveren.
Vested Warrants (see Clause 2.5) may be
exercised in the period from the respective
Vesting  Date  and  until  (and  including)  14
April 2030 ("Exercise Period") within the
windows set forth in Clause 3.2. Warrants
which have not been exercised on or before
the last day of the Exercise Period will auto-
matically lapse and become void without any
further notice and/or compensation to the
Warrant Holder.





	
	5




3.2     Inden      for      Udnyttelsesperioden      kan

Warrants udnyttes fire gange om året i et

4 ugers udnyttelses-vindue, der begynder
på  tidspunktet  for  offentliggørelse  af
enten Selskabets årsregnskab eller
perioderegnskab (henholdsvis 3, 6 eller 9
måneder).
Within   the   Exercise   Period,   the   Warrants
may be exercised four times a year during a
4-week window starting from the time of
publication of either the Company's annual
report or quarterly or semi-annual reports
(respectively 3, 6 and 9 months).

3.3     Warrantindehaveren   er   berettiget  til   at

udnytte alle eller en del af sine Warrants.
The Warrant Holder is entitled to exercise all or

part of his or her Warrants.

4         Beløbsgrænse for hver tildeling                              4         Value cap for each grant

4.1     Det  maksimale  afkast  ved  udnyttelse  af
hver Warrant-tildeling kan ikke overstige
et beløb svarende til fem gange det årlige
basisvederlag      ("Værdiloft")      for      den
enkelte Warrantindehaver.
The gross return from the exercise of each
grant  of Warrants cannot  exceed  a  value of
more than five times the annual base salary
(the  “Value  Cap”)  of  the  individual  Warrant
Holder.


4.2     Det   årlige   basisvederlag   beregnes   som
den faste årlige grundløn, som udbetales
af Selskabet eller et datterselskab til
Selskabet ("Arbejdsgiveren") til
Warrantindehaveren på tidspunktet for
tildelingen, før enhver betaling eller
fradrag af skat eller pensionsforpligtelser,
men eksklusive tillæg, bonus eller enhver
anden godtgørelse, som Arbejdsgiveren
eller Selskabet måtte betale, herunder
Warrants      eller      andre      aktiebaserede
incitamentsprogrammer.
The annual base salary is calculated as the
annual fixed salary payable by the Company
or a subsidiary of the Company (the "Em-
ployer") to the Warrant Holder at the time of
grant, prior to any payment or deduction of any
tax or pension obligations, but does not include
benefits, bonuses or any other po- tential
compensation payable by the Em- ployer  or
the  Company,  including  Warrants or other
share-based instruments.

4.3   Ved det maksimale afkast forstås det
sammenlagte og  samlede  afkast for hver
Warrant-tildeling til rådighed for
Warrantindehaveren   gennem   udnyttelse
af Warrants i Udnyttelsesperioden. Det
maksimale        afkast        beregnes        som
The gross return means the aggregated and
total return of each Warrant grant, available
to  the  Warrant  Holder  through  the  exercise
of Warrants during the  Exercise Period. The
gross return is calculated as the difference
between the amount equal to the total value





	
	6




differencen mellem beløbet svarende til
Warrants' samlede værdi
("Tegningsværdien") på tidspunktet, hvor
der gives meddelelse om udnyttelse af
Warrants, og den gennemsnitlige slutkurs
på Selskabets aktier på Nasdaq
Copenhagen i de fem dage før enhver
udnyttelse    af    Warrants    i    en    enkelt
tildeling.
of the Warrants (the "Subscription Amount") at
the same time as giving notice of the ex- ercise
of the Warrants and the average clos- ing price
of the Company’s shares on Nasdaq
Copenhagen for the five days prior to one or
more exercises of Warrants in a single grant.

4.4     Hvis det  samlede  maksimale  afkast, som
defineret ovenfor i punkt 4.3, overstiger
Værdiloftet, vil enhver tilbageværende
Warrant   ved   den   pågældende   tildeling,
som    overstiger    Værdiloftet,    bortfalde
uden kompensation.
If the aggregated gross return, as defined in
Clause  Error!  Reference  source  not
found. above, exceeds the Value Cap, any
remaining Warrants for the grant in question
which exceeds the Value Cap, will lapse with-
out compensation.


5         Ekstraordinær udnyttelse af Warrants                5         Extraordinary Exercise of the War-

rants

5.1     Se bilag 8.1.A, som skal finde anvendelse
med   den   modifikation   at   henvisningen
deri til  § 31-32  i  værdipapirhandelsloven
skal erstattes med en henvisning til § 44-
47 i kapitalmarkedsloven, og at
henvisninger til  NASDAQ  OMX
Copenhagen  A/S  skal  erstattes  med  en
henvisning til Nasdaq Copenhagen.
See exhibit 8.1.A, which shall apply with the
modification that the reference therein to
Section 31-32 of the Danish Securities Trad-
ing Act shall be replaced by a reference to
Section 44-47 of the Danish Capital Markets
Act, and that references therein to NASDAQ
OMX Copenhagen A/S shall be replaced by a
reference to Nasdaq Copenhagen.


6         Praktisk udnyttelse af Warrants                             6         Practicalities   in   connection   with

Exercise of the Warrants


6.1     Se bilag 8.1.C (ingen ændringer).                                 See exhibit 8.1.C (no changes).

7 Tegningskurs         for         aktier         ved
udnyttelse af Warrants
7 Subscription   Price   for   Shares   in
connection with the Exercise of
Warrants





	
	7





7.1 Hver Warrant giver Warrantindehaveren
ret til at tegne 1 aktie à nominelt kr. 1,00
i   Selskabet   til   en   tegningspris   på   kr.
224,40 ("Tegningskursen").
Each Warrant entitles the Warrant Holder to
subscribe for 1 share in the Company of a
nominal value of DKK 1.00 at a subscription
price of DKK 224.40 (the "Subscription Price").

7.2

Tegningskursen kan reguleres som anført
i Warrantaftalen.

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

7.3

Uanset bestemmelserne i Warrantaftalen,
kan Selskabet i tilfælde af, at
Warrantindehaveren ønsker at udnytte
Warrants, efter eget skøn beslutte at
foretage kontant afregning i stedet for at
udstede        aktier        i        Selskabet        til

Notwithstanding anything set out in the War-
rant  Agreement, in  the  event  that  the  War-
rant Holder gives notice that the Warrant
Holder wishes to exercise Warrants, the
Company may at its sole discretion decide to
make the settlement in cash instead of issu-
Warrantindehaveren. I så fald skal
Selskabet automatisk tilbagekøbe de
pågældende                  Warrants                  fra
Warrantindehaveren.
ing shares in the Company to the Warrant
Holder. Consequently, the Company will in
such  situation  automatically  buy  back  the
relevant Warrants from the Warrant Holder.

7.4  Såfremt     Selskabet        beslutter     at
tilbagekøbe Warrants, skal Selskabet
tilbagebetale   det   relevante
tegningsbeløb, som Warrantindehaveren
har betalt til Selskabet i forbindelse med
afgivelsen af udnyttelsesmeddelelsen.
Herudover skal Selskabet betale
Warrantindehaveren et kontant beløb for
hver Warrant, som udnyttes af
Warrantindehaveren, svarende til den
gennemsnitlige markedskurs per aktie på
tidspunktet for Warrantindehaverens
afgivelse  af udnyttelsesmeddelelsen  med
fradrag af et beløb svarende til
Tegningskursen ("Kontantbeløbet").
Kontantbeløbet betales efter fradrag af A-
skat og andre lovpligtige beløb, der skal
indeholdes af Selskabet. Efter betaling er
If the Company decides to buy back War- rants,
the Company shall repay the relevant
subscription amount paid to the Company by
the Warrant Holder in connection with the
delivery of the  exercise  notice. Further, the
Company shall  pay to  the  Warrant  Holder a
cash  amount  for each  Warrant  exercised  by
the  Warrant  Holder  equivalent  to  the  aver-
age market price per Share on the date on
which the exercise notice has been served by
the Warrant Holder deducted an amount
equivalent   to   the   Subscription   Price   (the
"Cash  Amount"). The  Cash  Amount  shall  be
paid after deduction of income tax ("A-tax")
and other statutory amounts to be withheld
by the Company. Upon such payment the
relevant Warrants shall be considered trans-
ferred back to the Company and the Warrant





	
	8




gennemført, skal de relevante Warrants
betragtes  som  værende  overdraget
tilbage til Selskabet, og
Warrantindehaveren har således ingen
rettigheder       vedrørende       med       disse
Warrants.
Holder  shall  consequently  have  no  further
rights with respect to such Warrants.


7.5 Såfremt         Selskabet         beslutter         at If  the  Company  decides  to  buy  back  War-
 tilbagekøbe Warrants og foretage kontant rants  and  make  the  settlement  in  cash  in-
 afregning i  stedet  for  at  udstede  aktier  i stead  of  delivering  shares  in  the  Company,
 Selskabet,     skal     Selskabet     underrette the    Company    must    inform    the    Warrant
 Warrantindehaveren     herom     inden     30 Holder hereof within 30 days after having re-
 dage            efter            modtagelsen            af ceived the exercise notice.
udnyttelsesmeddelelsen.

8 Regulering af vilkår for Warrants ved
visse definerede ændringer i
Selskabets kapitalforhold
8 Adjustment  of  the  Conditions  for
Warrants in case of certain defined
Changes  in  the  Company's  Capital
Structure

8.1     Se bilag 8.1.A, som skal finde anvendelse
med   den   modifikation   at   henvisningen
deri til vedtægternes punkt 8.1 skal
erstattes       med       en       henvisning       til
vedtægternes punkt 8.4.
See exhibit 8.1.A, which shall apply with the
modification that the reference therein to
Clause  8.1  shall  be  replaced  by  a  reference
to Clause 8.4 of the Articles of Association.


9         Omsættelighed                                                                     9         Transferability


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

10      Vilkår   for   nye   aktier   udstedt   ved

udnyttelse af Warrants
10      Conditions  for  New  Shares  issued

following Exercise of the Warrants

10.1   Se bilag 8.1.A, som skal finde anvendelse
med   den   modifikation,   at   henvisningen
deri   til   Erhvervs-   og   Selskabsstyrelsen
skal erstattes med en henvisning til
Erhvervsstyrelsen.
See exhibit 8.1.A, which shall apply with the
modification that the reference therein to the
Danish Commerce and Companies Agency
shall be replaced by a reference to the Dan-
ish Business Authority.





	
	9






11      Kapitalforhøjelse   ved   udnyttelse   af

Warrants
11      Capital     Increase    in     connection

with the Exercise of the Warrants

11.1 Såfremt      Warrantindehaveren      giver
rettidig meddelelse om udnyttelse af
Warrants, skal Selskabet gennemføre den
dertil hørende kapitalforhøjelse.
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.

11.2 Størstebeløbet af den kapital, der kan
tegnes  på  grundlag  af  Warrants  er
nominelt kr. 47.392 (op til 47.392  aktier
 à kr. 1,00) og mindstebeløbet er kr. 1,00
(1 aktie à kr. 1,00) Størstebeløbet kan
forøges eller reduceres i henhold til
bestemmelserne om regulering i punkt 8.
The  maximum  increase  of  capital  that  may
be subscribed on basis of Warrants is nomi-
nally  DKK  47,392  (up  to  47,392  shares  at
DKK 1.00 each) and the minimum amount is
DKK 1.00 (1 share at DKK 1.00). The maxi-
mum  amount  may  be  increased  or  reduced
in accordance with the provisions on adjust-
ment set forth in Clause 8.

12      Omkostninger     i     forbindelse     med

udstedelse af aktier
12      Costs    related    to    the    Issue    of

Shares


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


13      Ophør af ansættelsesforholdet                                 13      Cessation of Employment Status

13.1 Hvis        Warrantindehaveren        opsiger
ansættelsesforholdet, der er indgået med
Selskabet, hvis ansættelseskontrakten
opsiges af Selskabet begrundet i
Warrantindehaverens   grove
misligholdelse af ansættelsesforholdet,
eller hvis Warrantindehaveren har givet
anledning til at blive lovligt bortvist,
bortfalder  samtlige  uudnyttede  Warrants
- uanset om de er vestede eller ej - straks
og uden kompensation.
If the Warrant Holder terminates the em-
ployment  with the  Employer, if the employ-
ment  is  terminated  by  the  Employer  due  to
the Warrant Holder's material breach of the
employment relationship or if the Warrant
Holder has been dismissed summarily in a
legitimate way due to cause, all un-exercised
warrants  -  whether  the  Warrants  have
vested or not - will lapse immediately with-
out any compensation being payable.





	
	10




13.2 Hvis                   Selskabet                   opsiger
ansættelsesforholdet, og opsigelsen ikke
skyldes Warrantindehaverens væsentlige
misligholdelse af ansættelsesforholdet
eller lovlig bortvisning af
Warrantindehaveren eller
Warrantindehaverens død, kan Warrants,
som er vestede (se punkt 2.5) på
tidspunktet for levering af meddelelse om
ophævelse, udnyttes senest inden for det
førstkommende ordinære
udnyttelsesvindue som falder senest 6
måneder efter Selskabets levering af
meddelelse om ophævelse eller på den
dato, hvor Warrantindehaveren dør.
Warrants,  der  ikke  udnyttet  som
beskrevet i dette punkt 13.2, bortfalder
uden kompensation. Det præciseres, at
Warrants, som ikke er vestede ved
opsigelsesperiodens  udløb,  bortfalder
uden kompensation til
Warrantindehaveren.
13.3 Hvis        Warrantindehaveren        opsiger
ansættelsesforholdet, og opsigelsen
skyldes grov misligholdelse fra Selskabets
side, er Warrantindehaveren berettiget til
at udnytte Warrants i henhold til
betingelserne i Warrantaftalen, som om
Warrantindehaveren   stadig   var   ansat   i
Selskabet.
If the Employer terminates the employment
and this is not due to the Warrant Holder's
material breach of the employment relation-
ship or to the Warrant Holder having been
dismissed  summarily  in  a  legitimate  way  or
if  the  Warrant  Holder  dies,  Warrants  that
have vested (see Clause 2.5) on the date of
termination of notice being served may be
exercised at the latest in the ordinary exer-
cise window falling no later than 6 months after
the date of the termination notice being served
by the Company or the date on which the
Warrant Holder dies. Warrants not exer- cised
as set out in this Clause 13.2 will lapse without
any   compensation   being   payable. For  the
avoidance  of  doubt,  Warrants  that are not
vested on the date of the termination notice
being served shall lapse without any
compensation being  payable to the  Warrant
Holder.



If the Warrant Holder terminates the em-
ployment and the termination is due to the
material breach by the Employer, the War-
rant  Holder  is  entitled  to  exercise  Warrants
in  accordance  with  the  terms set  out  in  the
Warrant Agreement as if the Warrant Holder
was still employed with the Company.


14      Insiderhandel                                                                        14      Insider Trading


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


15      Skattemæssige forhold                                                   15      Tax Implications





	
	11




15.1 Samtlige skattemæssige forpligtelser og
konsekvenser   for
Warrantindehaverensom følge af
Warrantaftalen,  de  udstedte  Warrants
eller de erhvervede aktier gennem
udnyttelse af disse Warrants er alene
Warrantindehaverens      ansvar      og      er
Selskabet uvedkommende.
All  tax obligations  and  consequences  to  the
Warrant Holder resulting from the Warrant
Agreement, the  Warrants issued  or the
shares acquired by the exercise of such War-
rants, are the sole responsibility of the War-
rant Holder and of no concern to the Com-
pany.

15.2 Warrantindehaveren  er  blevet  kraftigt
opfordret til at søge skattemæssig
rådgivning  i  forbindelse  med  indgåelsen
af Warrantaftalen.
The Warrant Holder has been strongly en-
couraged  to  seek  tax  advice  in  connection
with entering into the Warrant Agreement.


16      Sprog                                                                                            16      Language


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





	
	




























BILAG 8.7 TIL VEDTÆGTER FOR                                        EXHIBIT  8.7  TO  THE  ARTICLES  OF
ASSOCIATION FOR
ZEALAND PHARMA A/S                                                                   ZEALAND PHARMA A/S





	
	2





INDHOLDSFORTEGNELSE/TABLE OF CONTENTS


1                      FORMÅL...................................................................................................... . 3
1                      PURPOSE .................................................................................................... . 3
2                      TILDELING AF WARRANTS............................................................................... 3
2                      GRANT OF WARRANTS.................................................................................... 3
3                      ALMINDELIG UDNYTTELSE AF WARRANTS .......................................................... 4
3                      ORDINARY EXERCISE OF THE WARRANTS .......................................................... 4
4                      BELØBSGRÆNSE FOR HVER TILDELING ............................................................. 5
4                      VALUE CAP FOR EACH GRANT .......................................................................... 5
5                      EKSTRAORDINÆR UDNYTTELSE AF WARRANTS ................................................... 6
5                      EXTRAORDINARY EXERCISE OF THE WARRANTS.................................................. 6
6                      PRAKTISK UDNYTTELSE AF WARRANTS.............................................................. 6
6                      PRACTICALITIES IN CONNECTION WITH EXERCISE OF THE WARRANTS ................... 6
7                      TEGNINGSKURS FOR AKTIER VED UDNYTTELSE AF WARRANTS .............................. 6
7 SUBSCRIPTION   PRICE   FOR   SHARES   IN   CONNECTION   WITH   THE   EXERCISE   OF
WARRANTS ................................................................................................. . 6
8                      REGULERING  AF  VILKÅR  FOR  WARRANTS  VED  VISSE  DEFINEREDE  ÆNDRINGER  I
SELSKABETS KAPITALFORHOLD ....................................................................... 8
8 ADJUSTMENT OF THE CONDITIONS FOR WARRANTS IN CASE OF CERTAIN DEFINED
CHANGES IN THE COMPANY'S CAPITAL STRUCTURE ............................................. 8
9                      OMSÆTTELIGHED .......................................................................................... 8
9                      TRANSFERABILITY ........................................................................................ . 8
10                   VILKÅR FOR NYE AKTIER UDSTEDT VED UDNYTTELSE AF WARRANTS ...................... 8
10                   CONDITIONS FOR NEW SHARES ISSUED FOLLOWING EXERCISE OF THE WARRANTS
................................................................................................................. . 8
11                   KAPITALFORHØJELSE VED UDNYTTELSE AF WARRANTS ........................................ 9
11                   CAPITAL INCREASE IN CONNECTION WITH THE EXERCISE OF THE WARRANTS ......... 9
12                   OMKOSTNINGER I FORBINDELSE MED UDSTEDELSE AF AKTIER ............................. 9
12                   COSTS RELATED TO THE ISSUE OF SHARES ....................................................... 9
13                   OPHØR AF ANSÆTTELSESFORHOLDET ............................................................... 9
13                   CESSATION OF EMPLOYMENT STATUS ............................................................... 9
14                   INSIDERHANDEL ........................................................................................ . 10
14                   INSIDER TRADING...................................................................................... . 10
15                   SKATTEMÆSSIGE FORHOLD .......................................................................... 10
15                   TAX IMPLICATIONS...................................................................................... 10
16                   SPROG ..................................................................................................... . 11
16                   LANGUAGE ................................................................................................ . 11





	
	3





1         Formål                                                                                         1         Purpose


1.1 På   bestyrelsesmødet   i   Zealand   Pharma

A/S   ("Selskabet")   den   14.   september

2020 blev der i overensstemmelse med
vedtægternes  punkt  8.7  vedtaget
følgende nye bestemmelser vedrørende
udstedelse af warrants til visse af
Selskabets                                    medarbejdere
("Warrantindehaver") ("Warrants").
At the board meeting held in Zealand Pharma

A/S   (the   "Company")   on   14    September

2020, the following new provisions were
adopted in accordance with Article 8.7 of the
Articles of Association concerning the issuing
of warrants to certain employees of the Com-
pany (the "Warrant Holder") ("Warrants").


1.2


Bestyrelsen har besluttet at udstede op til

43.217 warrants  i  Selskabet  til  tegning  af
op  til  43.217 aktier  til  kr.  1,00  (nominelt
kr.   43.217)   i   henhold   til   vedtægternes
punkt 8.7.


The Board of Directors has decided to issue
up to 43,217 Warrants in the Company for the
subscription  of  up  to  43,217  shares  of  DKK
1.00 (nominally DKK 43,217) according to Ar-

ticle 8.7 of the Articles of Association.

1.3

Warrants berettiger Warrantindehaveren
til at tegne aktier på de i bilag 8.1.A, som
modificeret ved bilag 8.1.C til Selskabets
vedtægter  anførte  vilkår  og  dette  bilag
8.7.t som nærmere angivet i det følgende.

The Warrants entitle the Warrant Holder to
subscribe for shares on the terms and condi-
tions stipulated in exhibit 8.1.A, as amended
by exhibit 8.1.C of the Articles of Association of
the Company and this exhibit 8.7.t as set out
in the following.

2

Tildeling af Warrants

2         Grant of Warrants

2.1

Hver Warrantindehaver har fået tildelt det
antal warrants i Selskabet, som er anført
i Selskabets meddelelse til
Warrantindehaveren i "Aktionærportalen"
på Selskabets hjemmeside, som vil være
tilgængelig den 14. september 2020
("Warrants") i overensstemmelse med
vilkårene i den/de   warrantaftale(r), hvor
tegning  af  Warrants  i  henhold  til  dette
bilag  har  fundet  sted  ("Warrantaftalen")
og Selskabets vedtægter.

Each Warrant Holder has been granted such
number  of  warrants  in  the  Company  as  set
out in the message from the Company to the
Warrant Holder made available at "Aktionær-
portalen" at the website of the Company on
14  September 2020  (the "Warrants") in  ac-

cordance with the terms set forth in the war-
rant agreement(s) whereby subscription for
the Warrants in accordance with this exhibit
has/have taken place (the "Warrant Agree-
ment") and the Company's Articles of Asso-
ciation. 





	
	4






2.2     Tildeling       af       Warrants       sker       uden
beregning.
The Warrants are granted free of charge.

2.3 Hver Warrant berettiger
Warrantindehaveren til at tegne 1 aktie à
nominelt kr. 1,00 i Selskabet i henhold til
de relevante bestemmelser anført i punkt
3    -    6    til    den    i    punkt    7    fastsatte

tegningskurs.
Each Warrant entitles the Warrant Holder to
subscribe for 1  share  of  nominal  value  DKK
1.00  in  the  Company  pursuant  to  the  rele-
vant conditions as set forth in Clauses 3 - 6
and at the relevant subscription price as de-
termined in Clause 7.

2.4

I   forbindelse   med   Selskabets   aktiebog
skal  der  føres  en  fortegnelse  over
samtlige udstedte Warrants.

In connection with the Company's register of
shareholders, a register of all issued War-
rants shall be kept.

2.5

Warrants vester løbende over en treårig
periode efter datoen for tildeling af
Warrants.  Derved  vester  Warrants  med
1/3 den 14. september 2021, 1/3 den 14.
september  2022  og  1/3  den  14.
september 2023. Datoen på hvilken
Warrants vester refereres til som "Vesting
Dato".

Warrants shall vest gradually over the three-
year period following the date of grant of
Warrants with an annual vest of 1/3. Hence,
Warrants  vests  with  1/3  on  14  September
2021, 1/3 on 14 September 2022 and 1/3 on

14 September 2023. The date on which War-
rants   vest   is   referred   to   as   the   "Vesting
Date".

3

Almindelig udnyttelse af Warrants

3         Ordinary Exercise of the Warrants

3.1

Vestede Warrants   (se punkt 2.5) kan
udnyttes i perioden fra den respektive
Vesting Dato og indtil (og med) den 13.
september 2030 ("Udnyttelsesperioden")
inden for de udnyttelsesvinduer, der er
anført  i  punkt  3.2. Warrants, der ikke  er
blevet  udnyttet  på  eller inden  den  sidste
dag i Udnyttelsesperioden, bortfalder
automatisk og bliver ugyldige uden
yderligere   varsel  og/eller  kompensation
til Warrantindehaveren.

Vested Warrants (see Clause 2.5) may be
exercised in the period from the respective
Vesting  Date  and  until  (and  including)  13
September  2030  ("Exercise  Period")  within
the  windows  set  forth  in  Clause  3.2.  War-
rants 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. 





	
	5




3.2     Inden      for      Udnyttelsesperioden      kan

Warrants udnyttes fire gange om året i et

4 ugers udnyttelses-vindue, der begynder
på  tidspunktet  for  offentliggørelse  af
enten Selskabets årsregnskab eller
perioderegnskab (henholdsvis 3, 6 eller 9
måneder).
Within   the   Exercise   Period,   the   Warrants
may be exercised four times a year during a
4-week window starting from the time of
publication of either the Company's annual
report or quarterly or semi-annual reports
(respectively 3, 6 and 9 months).

3.3     Warrantindehaveren   er   berettiget  til   at

udnytte alle eller en del af sine Warrants.
The Warrant Holder is entitled to exercise all or

part of his or her Warrants.

4         Beløbsgrænse for hver tildeling                              4         Value cap for each grant

4.1     Det  maksimale  afkast  ved  udnyttelse  af
hver Warrant-tildeling kan ikke overstige
et beløb svarende til fem gange det årlige
basisvederlag      ("Værdiloft")      for      den
enkelte Warrantindehaver.
The gross return from the exercise of each
grant  of Warrants cannot  exceed  a  value of
more than five times the annual base salary
(the  “Value  Cap”)  of  the  individual  Warrant
Holder.


4.2     Det   årlige   basisvederlag   beregnes   som
den faste årlige grundløn, som udbetales
af Selskabet eller et datterselskab til
Selskabet ("Arbejdsgiveren") til
Warrantindehaveren på tidspunktet for
tildelingen, før enhver betaling eller
fradrag af skat eller pensionsforpligtelser,
men eksklusive tillæg, bonus eller enhver
anden godtgørelse, som Arbejdsgiveren
eller Selskabet måtte betale, herunder
Warrants      eller      andre      aktiebaserede
incitamentsprogrammer.
The annual base salary is calculated as the
annual fixed salary payable by the Company
or a subsidiary of the Company (the "Em-
ployer") to the Warrant Holder at the time of
grant, prior to any payment or deduction of any
tax or pension obligations, but does not include
benefits, bonuses or any other po- tential
compensation payable by the Em- ployer  or
the  Company,  including  Warrants or other
share-based instruments.

4.3   Ved det maksimale afkast forstås det
sammenlagte og  samlede  afkast for hver
Warrant-tildeling til rådighed for
Warrantindehaveren   gennem   udnyttelse
af Warrants i Udnyttelsesperioden. Det
maksimale        afkast        beregnes        som
The gross return means the aggregated and
total return of each Warrant grant, available
to  the  Warrant  Holder  through  the  exercise
of Warrants during the  Exercise Period. The
gross return is calculated as the difference
between the amount equal to the total value





	
	6




differencen mellem beløbet svarende til
Warrants' samlede værdi
("Tegningsværdien") på tidspunktet, hvor
der gives meddelelse om udnyttelse af
Warrants, og den gennemsnitlige slutkurs
på Selskabets aktier på Nasdaq
Copenhagen i de fem dage før enhver
udnyttelse    af    Warrants    i    en    enkelt
tildeling.
of the Warrants (the "Subscription Amount") at
the same time as giving notice of the ex- ercise
of the Warrants and the average clos- ing price
of the Company’s shares on Nasdaq
Copenhagen for the five days prior to one or
more exercises of Warrants in a single grant.

4.4     Hvis det  samlede  maksimale  afkast, som
defineret ovenfor i punkt 4.3, overstiger
Værdiloftet, vil enhver tilbageværende
Warrant   ved   den   pågældende   tildeling,
som    overstiger    Værdiloftet,    bortfalde
uden kompensation.
If the aggregated gross return, as defined in
Clause  Error!  Reference  source  not
found. above, exceeds the Value Cap, any
remaining Warrants for the grant in question
which exceeds the Value Cap, will lapse with-
out compensation.


5         Ekstraordinær udnyttelse af Warrants                5         Extraordinary Exercise of the War-

rants

5.1     Se bilag 8.1.A, som skal finde anvendelse
med   den   modifikation   at   henvisningen
deri til  § 31-32  i  værdipapirhandelsloven
skal erstattes med en henvisning til § 44-
47 i kapitalmarkedsloven, og at
henvisninger til  NASDAQ  OMX
Copenhagen  A/S  skal  erstattes  med  en
henvisning til Nasdaq Copenhagen.
See exhibit 8.1.A, which shall apply with the
modification that the reference therein to
Section 31-32 of the Danish Securities Trad-
ing Act shall be replaced by a reference to
Section 44-47 of the Danish Capital Markets
Act, and that references therein to NASDAQ
OMX Copenhagen A/S shall be replaced by a
reference to Nasdaq Copenhagen.


6         Praktisk udnyttelse af Warrants                             6         Practicalities   in   connection   with

Exercise of the Warrants


6.1     Se bilag 8.1.C (ingen ændringer).                                 See exhibit 8.1.C (no changes).

7 Tegningskurs         for         aktier         ved
udnyttelse af Warrants
7 Subscription   Price   for   Shares   in
connection with the Exercise of
Warrants





	
	7





7.1 Hver Warrant giver Warrantindehaveren
ret til at tegne 1 aktie à nominelt kr. 1,00
i   Selskabet   til   en   tegningspris   på   kr.
216,80 ("Tegningskursen").
Each Warrant entitles the Warrant Holder to
subscribe for 1 share in the Company of a
nominal value of DKK 1.00 at a subscription
price of DKK 216.80 (the "Subscription Price").

7.2

Tegningskursen kan reguleres som anført
i Warrantaftalen.

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

7.3

Uanset bestemmelserne i Warrantaftalen,
kan Selskabet i tilfælde af, at
Warrantindehaveren ønsker at udnytte
Warrants, efter eget skøn beslutte at
foretage kontant afregning i stedet for at
udstede        aktier        i        Selskabet        til

Notwithstanding anything set out in the War-
rant  Agreement, in  the  event  that  the  War-
rant Holder gives notice that the Warrant
Holder wishes to exercise Warrants, the
Company may at its sole discretion decide to
make the settlement in cash instead of issu-
Warrantindehaveren. I så fald skal
Selskabet automatisk tilbagekøbe de
pågældende                  Warrants                  fra
Warrantindehaveren.
ing shares in the Company to the Warrant
Holder. Consequently, the Company will in
such  situation  automatically  buy  back  the
relevant Warrants from the Warrant Holder.

7.4  Såfremt     Selskabet        beslutter     at
tilbagekøbe Warrants, skal Selskabet
tilbagebetale   det   relevante
tegningsbeløb, som Warrantindehaveren
har betalt til Selskabet i forbindelse med
afgivelsen af udnyttelsesmeddelelsen.
Herudover skal Selskabet betale
Warrantindehaveren et kontant beløb for
hver Warrant, som udnyttes af
Warrantindehaveren, svarende til den
gennemsnitlige markedskurs per aktie på
tidspunktet for Warrantindehaverens
afgivelse  af udnyttelsesmeddelelsen  med
fradrag af et beløb svarende til
Tegningskursen ("Kontantbeløbet").
Kontantbeløbet betales efter fradrag af A-
skat og andre lovpligtige beløb, der skal
indeholdes af Selskabet. Efter betaling er
If the Company decides to buy back War- rants,
the Company shall repay the relevant
subscription amount paid to the Company by
the Warrant Holder in connection with the
delivery of the  exercise  notice. Further, the
Company shall  pay to  the  Warrant  Holder a
cash  amount  for each  Warrant  exercised  by
the  Warrant  Holder  equivalent  to  the  aver-
age market price per Share on the date on
which the exercise notice has been served by
the Warrant Holder deducted an amount
equivalent   to   the   Subscription   Price   (the
"Cash  Amount"). The  Cash  Amount  shall  be
paid after deduction of income tax ("A-tax")
and other statutory amounts to be withheld
by the Company. Upon such payment the
relevant Warrants shall be considered trans-
ferred back to the Company and the Warrant





	
	8




gennemført, skal de relevante Warrants
betragtes  som  værende  overdraget
tilbage til Selskabet, og
Warrantindehaveren har således ingen
rettigheder       vedrørende       med       disse
Warrants.
Holder  shall  consequently  have  no  further
rights with respect to such Warrants.


7.5 Såfremt         Selskabet         beslutter         at If  the  Company  decides  to  buy  back  War-
 tilbagekøbe Warrants og foretage kontant rants  and  make  the  settlement  in  cash  in-
 afregning i  stedet  for  at  udstede  aktier  i stead  of  delivering  shares  in  the  Company,
 Selskabet,     skal     Selskabet     underrette the    Company    must    inform    the    Warrant
 Warrantindehaveren     herom     inden     30 Holder hereof within 30 days after having re-
 dage            efter            modtagelsen            af ceived the exercise notice.
udnyttelsesmeddelelsen.

8 Regulering af vilkår for Warrants ved
visse definerede ændringer i
Selskabets kapitalforhold
8 Adjustment  of  the  Conditions  for
Warrants in case of certain defined
Changes  in  the  Company's  Capital
Structure

8.1     Se bilag 8.1.A, som skal finde anvendelse
med   den   modifikation   at   henvisningen
deri til vedtægternes punkt 8.1 skal
erstattes       med       en       henvisning       til
vedtægternes punkt 8.7.
See exhibit 8.1.A, which shall apply with the
modification that the reference therein to
Clause  8.1  shall  be  replaced  by  a  reference
to Clause 8.7 of the Articles of Association.


9         Omsættelighed                                                                     9         Transferability


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

10      Vilkår   for   nye   aktier   udstedt   ved

udnyttelse af Warrants
10      Conditions  for  New  Shares  issued

following Exercise of the Warrants

10.1   Se bilag 8.1.A, som skal finde anvendelse
med   den   modifikation,   at   henvisningen
deri   til   Erhvervs-   og   Selskabsstyrelsen
skal erstattes med en henvisning til
Erhvervsstyrelsen.
See exhibit 8.1.A, which shall apply with the
modification that the reference therein to the
Danish Commerce and Companies Agency
shall be replaced by a reference to the Dan-
ish Business Authority.





	
	9






11      Kapitalforhøjelse   ved   udnyttelse   af

Warrants
11      Capital     Increase    in     connection

with the Exercise of the Warrants

11.1 Såfremt      Warrantindehaveren      giver
rettidig meddelelse om udnyttelse af
Warrants, skal Selskabet gennemføre den
dertil hørende kapitalforhøjelse.
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.

11.2 Størstebeløbet af den kapital, der kan
tegnes  på  grundlag  af  Warrants  er
nominelt kr. 43.217 (op til 43.217  aktier
 à kr. 1,00) og mindstebeløbet er kr. 1,00
(1 aktie à kr. 1,00) Størstebeløbet kan
forøges eller reduceres i henhold til
bestemmelserne om regulering i punkt 8.
The  maximum  increase  of  capital  that  may
be subscribed on basis of Warrants is nomi-
nally  DKK  43,217  (up  to  43,217  shares  at
DKK 1.00 each) and the minimum amount is
DKK 1.00 (1 share at DKK 1.00). The maxi-
mum  amount  may  be  increased  or  reduced
in accordance with the provisions on adjust-
ment set forth in Clause 8.

12      Omkostninger     i     forbindelse     med

udstedelse af aktier
12      Costs    related    to    the    Issue    of

Shares


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


13      Ophør af ansættelsesforholdet                                 13      Cessation of Employment Status

13.1 Hvis        Warrantindehaveren        opsiger
ansættelsesforholdet, der er indgået med
Selskabet, hvis ansættelseskontrakten
opsiges af Selskabet begrundet i
Warrantindehaverens   grove
misligholdelse af ansættelsesforholdet,
eller hvis Warrantindehaveren har givet
anledning til at blive lovligt bortvist,
bortfalder  samtlige  uudnyttede  Warrants
- uanset om de er vestede eller ej - straks
og uden kompensation.
If the Warrant Holder terminates the em-
ployment  with the  Employer, if the employ-
ment  is  terminated  by  the  Employer  due  to
the Warrant Holder's material breach of the
employment relationship or if the Warrant
Holder has been dismissed summarily in a
legitimate way due to cause, all un-exercised
warrants  -  whether  the  Warrants  have
vested or not - will lapse immediately with-
out any compensation being payable.





	
	10




13.2 Hvis                   Selskabet                   opsiger
ansættelsesforholdet, og opsigelsen ikke
skyldes Warrantindehaverens væsentlige
misligholdelse af ansættelsesforholdet
eller lovlig bortvisning af
Warrantindehaveren eller
Warrantindehaverens død, kan Warrants,
som er vestede (se punkt 2.5) på
tidspunktet for levering af meddelelse om
ophævelse, udnyttes senest inden for det
førstkommende ordinære
udnyttelsesvindue som falder senest 6
måneder efter Selskabets levering af
meddelelse om ophævelse eller på den
dato, hvor Warrantindehaveren dør.
Warrants,  der  ikke  udnyttet  som
beskrevet i dette punkt 13.2, bortfalder
uden kompensation. Det præciseres, at
Warrants, som ikke er vestede ved
opsigelsesperiodens  udløb,  bortfalder
uden kompensation til
Warrantindehaveren.
13.3 Hvis        Warrantindehaveren        opsiger
ansættelsesforholdet, og opsigelsen
skyldes grov misligholdelse fra Selskabets
side, er Warrantindehaveren berettiget til
at udnytte Warrants i henhold til
betingelserne i Warrantaftalen, som om
Warrantindehaveren   stadig   var   ansat   i
Selskabet.
If the Employer terminates the employment
and this is not due to the Warrant Holder's
material breach of the employment relation-
ship or to the Warrant Holder having been
dismissed  summarily  in  a  legitimate  way  or
if  the  Warrant  Holder  dies,  Warrants  that
have vested (see Clause 2.5) on the date of
termination of notice being served may be
exercised at the latest in the ordinary exer-
cise window falling no later than 6 months after
the date of the termination notice being served
by the Company or the date on which the
Warrant Holder dies. Warrants not exer- cised
as set out in this Clause 13.2 will lapse without
any   compensation   being   payable. For  the
avoidance  of  doubt,  Warrants  that are not
vested on the date of the termination notice
being served shall lapse without any
compensation being  payable to the  Warrant
Holder.



If the Warrant Holder terminates the em-
ployment and the termination is due to the
material breach by the Employer, the War-
rant  Holder  is  entitled  to  exercise  Warrants
in  accordance  with  the  terms set  out  in  the
Warrant Agreement as if the Warrant Holder
was still employed with the Company.


14      Insiderhandel                                                                        14      Insider Trading


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


15      Skattemæssige forhold                                                   15      Tax Implications





	
	11




15.1 Samtlige skattemæssige forpligtelser og
konsekvenser   for
Warrantindehaverensom følge af
Warrantaftalen,  de  udstedte  Warrants
eller de erhvervede aktier gennem
udnyttelse af disse Warrants er alene
Warrantindehaverens      ansvar      og      er
Selskabet uvedkommende.
All  tax obligations  and  consequences  to  the
Warrant Holder resulting from the Warrant
Agreement, the  Warrants issued  or the
shares acquired by the exercise of such War-
rants, are the sole responsibility of the War-
rant Holder and of no concern to the Com-
pany.

15.2 Warrantindehaveren  er  blevet  kraftigt
opfordret til at søge skattemæssig
rådgivning  i  forbindelse  med  indgåelsen
af Warrantaftalen.
The Warrant Holder has been strongly en-
couraged  to  seek  tax  advice  in  connection
with entering into the Warrant Agreement.


16      Sprog                                                                                            16      Language


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





	
	




























BILAG 8.7.A TIL VEDTÆGTER FOR                                   EXHIBIT 8.7.A TO THE ARTICLES OF
ASSOCIATION FOR
ZEALAND PHARMA A/S                                                                   ZEALAND PHARMA A/S





	
	2





INDHOLDSFORTEGNELSE/TABLE OF CONTENTS


1                      FORMÅL...................................................................................................... . 3
1                      PURPOSE .................................................................................................... . 3
2                      TILDELING AF WARRANTS............................................................................... 3
2                      GRANT OF WARRANTS.................................................................................... 3
3                      ALMINDELIG UDNYTTELSE AF WARRANTS .......................................................... 4
3                      ORDINARY EXERCISE OF THE WARRANTS .......................................................... 4
4                      EKSTRAORDINÆR UDNYTTELSE AF WARRANTS ................................................... 5
4                      EXTRAORDINARY EXERCISE OF THE WARRANTS.................................................. 5
5                      PRAKTISK UDNYTTELSE AF WARRANTS.............................................................. 5
5                      PRACTICALITIES IN CONNECTION WITH EXERCISE OF THE WARRANTS ................... 5
6                      TEGNINGSKURS FOR AKTIER VED UDNYTTELSE AF WARRANTS .............................. 5
6 SUBSCRIPTION   PRICE   FOR   SHARES   IN   CONNECTION   WITH   THE   EXERCISE   OF
WARRANTS ................................................................................................. . 5
7                      REGULERING  AF  VILKÅR  FOR  WARRANTS  VED  VISSE  DEFINEREDE  ÆNDRINGER  I
SELSKABETS KAPITALFORHOLD ....................................................................... 7
7 ADJUSTMENT OF THE CONDITIONS FOR WARRANTS IN CASE OF CERTAIN DEFINED
CHANGES IN THE COMPANY'S CAPITAL STRUCTURE ............................................. 7
8                      OMSÆTTELIGHED .......................................................................................... 7
8                      TRANSFERABILITY ........................................................................................ . 7
9                      VILKÅR FOR NYE AKTIER UDSTEDT VED UDNYTTELSE AF WARRANTS ...................... 7
9                      CONDITIONS FOR NEW SHARES ISSUED FOLLOWING EXERCISE OF THE WARRANTS
................................................................................................................. . 7
10                   KAPITALFORHØJELSE VED UDNYTTELSE AF WARRANTS ........................................ 7
10                   CAPITAL INCREASE IN CONNECTION WITH THE EXERCISE OF THE WARRANTS ......... 7
11                   OMKOSTNINGER I FORBINDELSE MED UDSTEDELSE AF AKTIER ............................. 8
11                   COSTS RELATED TO THE ISSUE OF SHARES ....................................................... 8
12                   OPHØR AF ANSÆTTELSESFORHOLDET ............................................................... 8
12                   CESSATION OF EMPLOYMENT STATUS ............................................................... 8
13                   INSIDERHANDEL .......................................................................................... . 9
13                   INSIDER TRADING........................................................................................ . 9
14                   SKATTEMÆSSIGE FORHOLD ............................................................................ 9
14                   TAX IMPLICATIONS........................................................................................ 9
15                   SPROG ..................................................................................................... . 10
15                   LANGUAGE ................................................................................................ . 10





	
	3





1         Formål                                                                                         1         Purpose


1.1 På   bestyrelsesmødet   i   Zealand   Pharma

A/S   ("Selskabet")   den   14.   september

2020 blev der i overensstemmelse med
vedtægternes  punkt  8.7  vedtaget
følgende nye bestemmelser vedrørende
udstedelse af warrants til visse af
Selskabets                                    medarbejdere
("Warrantindehaver") ("Warrants").
At the board meeting held in Zealand Pharma

A/S   (the   "Company")   on   14    September

2020, the following new provisions were
adopted in accordance with Article 8.7 of the
Articles of Association concerning the issuing
of warrants to certain employees of the Com-
pany (the "Warrant Holder") ("Warrants").


1.2


Bestyrelsen har besluttet at udstede op til

20.000 warrants  i  Selskabet  til  tegning  af
op  til  20.000 aktier  til  kr.  1,00  (nominelt
kr.   20.000)   i   henhold   til   vedtægternes
punkt 8.7.


The Board of Directors has decided to issue
up to 20,000 Warrants in the Company for the
subscription  of  up  to  20,000  shares  of  DKK
1.00 (nominally DKK 20,000) according to Ar-

ticle 8.7 of the Articles of Association.

1.3

Warrants berettiger Warrantindehaveren
til at tegne aktier på de i bilag 8.1.A, som
modificeret ved bilag 8.1.C til Selskabets
vedtægter  anførte  vilkår  og  dette  bilag
8.4.u     som     nærmere     angivet     i     det

følgende.

The Warrants entitle the Warrant Holder to
subscribe for shares on the terms and condi-
tions stipulated in exhibit 8.1.A, as amended
by exhibit 8.1.C of the Articles of Association of
the Company and this exhibit 8.4.u as set out
in the following.

2

Tildeling af Warrants

2         Grant of Warrants

2.1

Hver Warrantindehaver har fået tildelt det
antal warrants i Selskabet, som er anført
i Selskabets meddelelse til
Warrantindehaveren i "Aktionærportalen"
på Selskabets hjemmeside, som vil være
tilgængelig den 14. september 2020
("Warrants") i overensstemmelse med
vilkårene i den/de   warrantaftale(r), hvor
tegning  af  Warrants  i  henhold  til  dette
bilag  har  fundet  sted  ("Warrantaftalen")
og Selskabets vedtægter.

Each Warrant Holder has been granted such
number  of  warrants  in  the  Company  as  set
out in the message from the Company to the
Warrant Holder made available at "Aktionær-
portalen" at the website of the Company on
14  September 2020  (the "Warrants") in  ac-

cordance with the terms set forth in the war-
rant agreement(s) whereby subscription for
the Warrants in accordance with this exhibit
has/have taken place (the "Warrant Agree-
ment") and the Company's Articles of Asso-
ciation. 





	
	4






2.2     Tildeling       af       Warrants       sker       uden
beregning.
The Warrants are granted free of charge.

2.3 Hver Warrant berettiger
Warrantindehaveren til at tegne 1 aktie à
nominelt kr. 1,00 i Selskabet i henhold til
de relevante bestemmelser anført i punkt
3    -    5    til    den    i    punkt    6    fastsatte

tegningskurs.
Each Warrant entitles the Warrant Holder to
subscribe for 1  share  of  nominal  value  DKK
1.00  in  the  Company  pursuant  to  the  rele-
vant conditions as set forth in Clauses 3 - 5
and at the relevant subscription price as de-
termined in Clause 6.

2.4

I   forbindelse   med   Selskabets   aktiebog
skal  der  føres  en  fortegnelse  over
samtlige udstedte Warrants.

In connection with the Company's register of
shareholders, a register of all issued War-
rants shall be kept.

2.5

Warrants vester løbende over en treårig
periode efter datoen for tildeling af
Warrants.  Derved  vester  Warrants  med
1/3 den 14. september 2021, 1/3 den 14.
september  2022  og  1/3  den  14.
september 2023. Datoen på hvilken
Warrants vester refereres til som "Vesting
Dato".

Warrants shall vest gradually over the three-
year period following the date of grant of
Warrants with an annual vest of 1/3. Hence,
Warrants  vests  with  1/3  on  14  September
2021, 1/3 on 14 September 2022 and 1/3 on

14 September 2023. The date on which War-
rants   vest   is   referred   to   as   the   "Vesting
Date".

3

Almindelig udnyttelse af Warrants

3         Ordinary Exercise of the Warrants

3.1

Vestede Warrants   (se punkt 2.5) kan
udnyttes i perioden fra den respektive
Vesting Dato og indtil (og med) den 13.
september 2030 ("Udnyttelsesperioden")
inden for de udnyttelsesvinduer, der er
anført  i  punkt  3.2. Warrants, der ikke  er
blevet  udnyttet  på  eller inden  den  sidste
dag i Udnyttelsesperioden, bortfalder
automatisk og bliver ugyldige uden
yderligere   varsel  og/eller  kompensation
til Warrantindehaveren.

Vested Warrants (see Clause 2.5) may be
exercised in the period from the respective
Vesting  Date  and  until  (and  including)  13
September  2030  ("Exercise  Period")  within
the  windows  set  forth  in  Clause  3.2.  War-
rants 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. 





	
	5





3.2 Inden      for      Udnyttelsesperioden      kan

Warrants udnyttes fire gange om året i et

4 ugers udnyttelses-vindue, der begynder
på  tidspunktet  for  offentliggørelse  af
enten Selskabets årsregnskab eller
perioderegnskab (henholdsvis 3, 6 eller 9
måneder).
Within   the   Exercise   Period,   the   Warrants
may be exercised four times a year during a
4-week window starting from the time of
publication of either the Company's annual
report or quarterly or semi-annual reports
(respectively 3, 6 and 9 months).

3.3

Warrantindehaveren   er   berettiget  til   at
udnytte alle eller en del af sine Warrants.

The Warrant Holder is entitled to exercise all or
part of his or her Warrants.

4

Ekstraordinær udnyttelse af Warrants

4 Extraordinary Exercise of the War-
rants

4.1

Se bilag 8.1.A, som skal finde anvendelse
med   den   modifikation   at   henvisningen
deri til  § 31-32  i  værdipapirhandelsloven
skal erstattes med en henvisning til § 44-
47      i       kapitalmarkedsloven,      og      at

henvisninger         til          NASDAQ         OMX

See exhibit 8.1.A, which shall apply with the
modification that the reference therein to
Section 31-32 of the Danish Securities Trad-
ing Act shall be replaced by a reference to
Section 44-47 of the Danish Capital Markets
Act, and that references therein to NASDAQ
Copenhagen  A/S  skal  erstattes  med  en

henvisning til Nasdaq Copenhagen.
OMX Copenhagen A/S shall be replaced by a

reference to Nasdaq Copenhagen.


5         Praktisk udnyttelse af Warrants                             5         Practicalities   in   connection   with

Exercise of the Warrants


5.1     Se bilag 8.1.C (ingen ændringer).                                 See exhibit 8.1.C (no changes).

6 Tegningskurs         for         aktier         ved
udnyttelse af Warrants
6 Subscription   Price   for   Shares   in
connection   with   the   Exercise   of
Warrants

6.1     Hver  Warrant  giver  Warrantindehaveren
ret til at tegne 1 aktie à nominelt kr. 1,00
i   Selskabet   til   en   tegningspris   på   kr.
216,80 ("Tegningskursen").
Each Warrant entitles the Warrant Holder to
subscribe for 1 share in the Company of a
nominal value of DKK 1.00 at a subscription
price   of   DKK    216.80    (the   "Subscription
Price").


6.2     Tegningskursen kan reguleres som anført                The  Subscription  Price  may  be  regulated as





	
	6





i Warrantaftalen.                                                                     set out in the Warrant Agreement.

6.3     Uanset bestemmelserne i Warrantaftalen,
kan Selskabet i tilfælde af, at
Warrantindehaveren ønsker at udnytte
Warrants, efter eget skøn beslutte at
foretage kontant afregning i stedet for at
udstede aktier i Selskabet til
Warrantindehaveren. I så fald skal
Selskabet automatisk tilbagekøbe de
pågældende                  Warrants                  fra
Warrantindehaveren.
Notwithstanding anything set out in the War-
rant  Agreement, in  the  event  that  the  War-
rant Holder gives notice that the Warrant
Holder wishes to exercise Warrants, the
Company may at its sole discretion decide to
make the settlement in cash instead of issu-
ing shares in the Company to the Warrant
Holder. Consequently, the Company will in
such  situation  automatically  buy  back  the
relevant Warrants from the Warrant Holder.

6.4  Såfremt     Selskabet        beslutter     at
tilbagekøbe Warrants, skal Selskabet
tilbagebetale   det   relevante
tegningsbeløb, som Warrantindehaveren
har betalt til Selskabet i forbindelse med
afgivelsen af udnyttelsesmeddelelsen.
Herudover skal Selskabet betale
Warrantindehaveren et kontant beløb for
hver Warrant, som udnyttes af
Warrantindehaveren, svarende til den
gennemsnitlige markedskurs per aktie på
tidspunktet for Warrantindehaverens
afgivelse  af udnyttelsesmeddelelsen  med
fradrag af et beløb svarende til
Tegningskursen ("Kontantbeløbet").
Kontantbeløbet betales efter fradrag af A-
skat og andre lovpligtige beløb, der skal
indeholdes af Selskabet. Efter betaling er
gennemført, skal de relevante Warrants
betragtes  som  værende  overdraget
tilbage til Selskabet, og
Warrantindehaveren har således ingen
rettigheder vedrørende med disse
Warrants.
If the Company decides to buy back War- rants,
the Company shall repay the relevant
subscription amount paid to the Company by
the Warrant Holder in connection with the
delivery of the  exercise  notice. Further, the
Company shall  pay to  the  Warrant  Holder a
cash  amount  for each  Warrant  exercised  by
the  Warrant  Holder  equivalent  to  the  aver-
age market price per Share on the date on
which the exercise notice has been served by
the Warrant Holder deducted an amount
equivalent   to   the   Subscription   Price   (the
"Cash  Amount"). The  Cash  Amount  shall  be
paid after deduction of income tax ("A-tax")
and other statutory amounts to be withheld
by the Company. Upon such payment the
relevant Warrants shall be considered trans-
ferred back to the Company and the Warrant
Holder shall consequently have no further
rights with respect to such Warrants.





	
	7





6.5 Såfremt         Selskabet         beslutter         at If  the  Company  decides  to  buy  back  War-
 tilbagekøbe Warrants og foretage kontant rants  and  make  the  settlement  in  cash  in-
 afregning i  stedet  for  at  udstede  aktier  i stead  of  delivering  shares  in  the  Company,
 Selskabet,     skal     Selskabet     underrette the    Company    must    inform    the    Warrant
 Warrantindehaveren     herom     inden     30 Holder hereof within 30 days after having re-
 dage            efter            modtagelsen            af ceived the exercise notice.
udnyttelsesmeddelelsen.

7 Regulering af vilkår for Warrants ved
visse definerede ændringer i
Selskabets kapitalforhold
7 Adjustment  of  the  Conditions  for
Warrants in case of certain defined
Changes  in  the  Company's  Capital
Structure

7.1     Se bilag 8.1.A, som skal finde anvendelse
med   den   modifikation   at   henvisningen
deri til vedtægternes punkt 8.1 skal
erstattes       med       en       henvisning       til
vedtægternes punkt 8.7.
See exhibit 8.1.A, which shall apply with the
modification that the reference therein to
Clause  8.1  shall  be  replaced  by  a  reference
to Clause 8.7 of the Articles of Association.


8         Omsættelighed                                                                     8         Transferability


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

9         Vilkår   for   nye   aktier   udstedt   ved

udnyttelse af Warrants
9         Conditions  for  New  Shares  issued

following Exercise of the Warrants

9.1     Se bilag 8.1.A, som skal finde anvendelse
med   den   modifikation,   at   henvisningen
deri   til   Erhvervs-   og   Selskabsstyrelsen
skal    erstattes    med    en    henvisning    til
Erhvervsstyrelsen.
See exhibit 8.1.A, which shall apply with the
modification that the reference therein to the
Danish Commerce and Companies Agency
shall be replaced by a reference to the Dan-
ish Business Authority.

10      Kapitalforhøjelse   ved   udnyttelse   af

Warrants
10      Capital     Increase    in     connection

with the Exercise of the Warrants

10.1 Såfremt      Warrantindehaveren      giver
rettidig meddelelse om udnyttelse af
Warrants, skal Selskabet gennemføre den
In the event that the Warrant Holder gives
notification on time of the exercise of the
Warrants,  the  Company  shall  carry  out  the





	
	8





dertil hørende kapitalforhøjelse.                                     relating increase of capital.

10.2 Størstebeløbet af den kapital, der kan
tegnes  på  grundlag  af  Warrants  er
nominelt kr. 20.000 (op til 20.000  aktier
 à kr. 1,00) og mindstebeløbet er kr. 1,00
(1 aktie à kr. 1,00) Størstebeløbet kan
forøges eller reduceres i henhold til
bestemmelserne om regulering i punkt 7.
The  maximum  increase  of  capital  that  may
be subscribed on basis of Warrants is nomi-
nally  DKK  20,000  (up  to  20,000  shares  at
DKK 1.00 each) and the minimum amount is
DKK 1.00 (1 share at DKK 1.00). The maxi-
mum  amount  may  be  increased  or  reduced
in accordance with the provisions on adjust-
ment set forth in Clause 7.

11      Omkostninger     i     forbindelse     med

udstedelse af aktier
11      Costs    related    to    the    Issue    of

Shares


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


12      Ophør af ansættelsesforholdet                                 12      Cessation of Employment Status

12.1 Hvis        Warrantindehaveren        opsiger
ansættelsesforholdet, der er indgået med
Selskabet, hvis ansættelseskontrakten
opsiges af Selskabet begrundet i
Warrantindehaverens   grove
misligholdelse af ansættelsesforholdet,
eller hvis Warrantindehaveren har givet
anledning til at blive lovligt bortvist,
bortfalder  samtlige  uudnyttede  Warrants
- uanset om de er vestede eller ej - straks

og uden kompensation.
If the Warrant Holder terminates the em-
ployment  with the  Employer, if the employ-
ment  is  terminated  by  the  Employer  due  to
the Warrant Holder's material breach of the
employment relationship or if the Warrant
Holder has been dismissed summarily in a
legitimate way due to cause, all un-exercised
warrants  -  whether  the  Warrants  have
vested or not - will lapse immediately with-
out any compensation being payable.

12.2 Hvis                   Selskabet                   opsiger
ansættelsesforholdet, og opsigelsen ikke
skyldes Warrantindehaverens væsentlige
misligholdelse af ansættelsesforholdet
eller lovlig bortvisning af
Warrantindehaveren eller
Warrantindehaverens død, kan Warrants,
som    er    vestede    (se    punkt    2.5)    på
If the Employer terminates the employment
and this is not due to the Warrant Holder's
material breach of the employment relation-
ship or to the Warrant Holder having been
dismissed  summarily  in  a  legitimate  way  or
if  the  Warrant  Holder  dies,  Warrants  that
have vested (see Clause 2.5) on the date of
termination  of  notice  being  served  may  be





	
	9




tidspunktet for levering af meddelelse om
ophævelse, udnyttes senest inden for det
førstkommende ordinære
udnyttelsesvindue som falder senest 6
måneder efter Selskabets levering af
meddelelse om ophævelse eller på den
dato, hvor Warrantindehaveren dør.
Warrants,  der  ikke  udnyttet  som
beskrevet i dette punkt 12.2, bortfalder
uden kompensation. Det præciseres, at
Warrants, som ikke er vestede ved
opsigelsesperiodens  udløb,  bortfalder
uden kompensation til
Warrantindehaveren.
12.3 Hvis        Warrantindehaveren        opsiger
ansættelsesforholdet, og opsigelsen
skyldes grov misligholdelse fra Selskabets
side, er Warrantindehaveren berettiget til
at udnytte Warrants i henhold til
betingelserne i Warrantaftalen, som om
Warrantindehaveren   stadig   var   ansat   i
Selskabet.
exercised at the latest in the ordinary exer-
cise window falling no later than 6 months after
the date of the termination notice being served
by the Company or the date on which the
Warrant Holder dies. Warrants not exer- cised
as set out in this Clause 12.2 will lapse without
any   compensation   being   payable. For  the
avoidance  of  doubt,  Warrants  that are not
vested on the date of the termination notice
being served shall lapse without any
compensation being  payable to the  Warrant
Holder.



If the Warrant Holder terminates the em-
ployment and the termination is due to the
material breach by the Employer, the War-
rant  Holder  is  entitled  to  exercise  Warrants
in  accordance  with  the  terms set  out  in  the
Warrant Agreement as if the Warrant Holder
was still employed with the Company.


13      Insiderhandel                                                                        13      Insider Trading


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


14      Skattemæssige forhold                                                   14      Tax Implications

14.1 Samtlige skattemæssige forpligtelser og
konsekvenser   for
Warrantindehaverensom følge af
Warrantaftalen,  de  udstedte  Warrants
eller de erhvervede aktier gennem
udnyttelse af disse Warrants er alene
Warrantindehaverens ansvar og er
Selskabet uvedkommende.
All  tax obligations  and  consequences  to  the
Warrant Holder resulting from the Warrant
Agreement, the  Warrants issued  or the
shares acquired by the exercise of such War-
rants, are the sole responsibility of the War-
rant Holder and of no concern to the Com-
pany.





	
	10




14.2 Warrantindehaveren  er  blevet  kraftigt
opfordret til at søge skattemæssig
rådgivning  i  forbindelse  med  indgåelsen
af Warrantaftalen.
The Warrant Holder has been strongly en-
couraged  to  seek  tax  advice  in  connection
with entering into the Warrant Agreement.


15      Sprog                                                                                            15      Language


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





	
	




























BILAG 8.10.A TIL VEDTÆGTER FOR                                EXHIBIT 8.10.A TO THE ARTICLES OF
ASSOCIATION FOR
ZEALAND PHARMA A/S                                                                   ZEALAND PHARMA A/S





	
	2





INDHOLDSFORTEGNELSE/TABLE OF CONTENTS


1                      FORMÅL...................................................................................................... . 3
1                      PURPOSE .................................................................................................... . 3
2                      TILDELING AF WARRANTS............................................................................... 3
2                      GRANT OF WARRANTS.................................................................................... 3
3                      ALMINDELIG UDNYTTELSE AF WARRANTS .......................................................... 4
3                      ORDINARY EXERCISE OF THE WARRANTS .......................................................... 4
4                      BELØBSGRÆNSE FOR HVER TILDELING ............................................................. 5
4                      VALUE CAP FOR EACH GRANT .......................................................................... 5
5                      EKSTRAORDINÆR UDNYTTELSE AF WARRANTS ................................................... 6
5                      EXTRAORDINARY EXERCISE OF THE WARRANTS.................................................. 6
6                      PRAKTISK UDNYTTELSE AF WARRANTS.............................................................. 6
6                      PRACTICALITIES IN CONNECTION WITH EXERCISE OF THE WARRANTS ................... 6
7                      TEGNINGSKURS FOR AKTIER VED UDNYTTELSE AF WARRANTS .............................. 7
7 SUBSCRIPTION   PRICE   FOR   SHARES   IN   CONNECTION   WITH   THE   EXERCISE   OF
WARRANTS ................................................................................................. . 7
8                      REGULERING  AF  VILKÅR  FOR  WARRANTS  VED  VISSE  DEFINEREDE  ÆNDRINGER  I
SELSKABETS KAPITALFORHOLD ....................................................................... 7
8 ADJUSTMENT OF THE CONDITIONS FOR WARRANTS IN CASE OF CERTAIN DEFINED
CHANGES IN THE COMPANY'S CAPITAL STRUCTURE ............................................. 7
9                      OMSÆTTELIGHED .......................................................................................... 7
9                      TRANSFERABILITY ........................................................................................ . 7
10                   VILKÅR FOR NYE AKTIER UDSTEDT VED UDNYTTELSE AF WARRANTS ...................... 8
10                   CONDITIONS FOR NEW SHARES ISSUED FOLLOWING EXERCISE OF THE WARRANTS
................................................................................................................. . 8
11                   KAPITALFORHØJELSE VED UDNYTTELSE AF WARRANTS ........................................ 8
11                   CAPITAL INCREASE IN CONNECTION WITH THE EXERCISE OF THE WARRANTS ......... 8
12                   OMKOSTNINGER I FORBINDELSE MED UDSTEDELSE AF AKTIER ............................. 8
12                   COSTS RELATED TO THE ISSUE OF SHARES ....................................................... 8
13                   OPHØR     AF     ANSÆTTELSESFORHOLDET     -     WARRANTINDEHAVERE,     DER     ER
MEDARBEJDERE ............................................................................................ 8
13                   CEASE OF EMPLOYMENT STATUS - WARRANT HOLDERS WHO ARE EMPLOYEES.......... 8
14                   INSIDERHANDEL ........................................................................................ . 10
14                   INSIDER TRADING...................................................................................... . 10
15                   SKATTEMÆSSIGE FORHOLD .......................................................................... 10
15                   TAX IMPLICATIONS...................................................................................... 10
16                   SPROG ..................................................................................................... . 10
16                   LANGUAGE ................................................................................................ . 10





	
	3





3         Formål                                                                                         1         Purpose


1.1












1.2
På   bestyrelsesmødet   i   Zealand   Pharma
A/S ("Selskabet") den 25. maj 2022 blev
der  i  overensstemmelse  med
vedtægternes punkt 8.10 vedtaget
følgende nye bestemmelser vedrørende
udstedelse af warrants til visse af
Selskabets medarbejdere
("Warrantindehaver") ("Warrants").
Bestyrelsen har besluttet at udstede op til
At the board meeting held in Zealand Pharma
A/S (the "Company") on 25 May 2022, the
following new provisions were adopted in ac-
cordance  with  Article 8.10  of the  Articles of
Association concerning the issuing of war-
rants to certain employees of the Company
(the "Warrant Holder") ("Warrants").


The Board of Directors has decided to issue
 229.794  warrants  i  Selskabet  til  tegning
af op til 229.794      aktier til kr. 1,00
(nominelt kr. 229.794 ) i henhold til
vedtægternes punkt 8.10.
up to 229,794 Warrants in the Company for
the subscription of up to 229,794   shares of
DKK 1.00 (nominally DKK 229,794 ) accord-
ing to Article 8.10 of the Articles of Associa-
tion.

1.3

Warrants berettiger Warrantindehaveren
til  at  tegne  aktier  på  de  i  nærværende
bilag 8.10.A til Selskabets vedtægter
anførte vilkår.

The Warrants entitle the Warrant Holder to
subscribe for shares on the terms and condi-
tions stipulated in this exhibit 8.10.A to the
Articles of Association of the Company.

2

Tildeling af Warrants

2         Grant of Warrants

2.1

Hver Warrantindehaver har fået tildelt det
antal warrants i Selskabet, som er anført
i Selskabets meddelelse til
Warrantindehaveren i "Aktionærportalen"
på Selskabets hjemmeside, som vil være
tilgængelig  den  25.  maj  2022
("Warrants") i overensstemmelse med
vilkårene i den/de   warrantaftale(r), hvor
tegning  af  Warrants  i  henhold  til  dette
bilag  har  fundet  sted  ("Warrantaftalen")
og Selskabets vedtægter.

Each Warrant Holder has been granted such
number  of  warrants  in  the  Company  as  set
out in the message from the Company to the
Warrant Holder made available at "Aktionær-
portalen" at the website of the Company on
25 May 2022 (the "Warrants") in accordance
with the terms set forth in the warrant
agreement(s) whereby subscription for the
Warrants in accordance with this exhibit
has/have taken place (the "Warrant Agree-
ment") and the Company's Articles of Asso-
ciation.


2.2     Tildeling       af       Warrants       sker       uden                The Warrants are granted free of charge.





	
	4





beregning.


2.3 Hver Warrant berettiger
Warrantindehaveren til at tegne 1 aktie à
nominelt kr. 1,00 i Selskabet i henhold til
de relevante bestemmelser anført i punkt
3 - 6 til den i punkt 7 fastsatte tegningskurs.
Each Warrant entitles the Warrant Holder to
subscribe for 1  share  of  nominal  value  DKK
1.00  in  the  Company  pursuant  to  the  rele-
vant conditions as set forth in Clauses 4 - 6
and at the relevant subscription price as de-
termined in Clause 7.

2.4

I   forbindelse   med   Selskabets   aktiebog

In connection with the Company's register of
 skal     der    føres    en     fortegnelse    over shareholders,  a  register  of  all  issued  War-
 samtlige udstedte Warrants. rants shall be kept.

2.5

Warrants  vester  i  tre  lige  store  trancher

The  Warrants  vest  in  equal  tranches  over  three
 over     en     treårig     periode,     hvor     1/3 years after the date of grant, with 1/3 of the War-
 Warrants vester hvert år. Den  første 1/3 rants vesting each year. The first 1/3 of the War-
 Warrants   vester   således   den   25.   maj rants will vest on May 25, 2023, the second 1/3 will
 2023, den anden 1/3 Warrants vester den
vest on May 25, 2024 and the final 1/3 on May 25,
 25. maj 2024 og den sidste 1/3 Warrants
2025. The date on which Warrants vest is referred
 vester   den   25.   maj   2025.   Datoen   på

hvilken Warrants vester refereres til som
to as the "Vesting Date".
 ”Vesting Dato”.
3 Almindelig udnyttelse af Warrants 4         Ordinary Exercise of the Warrants

4.1

Vestede  Warrants     (se  punkt  2.5)   kan

Vested Warrants (see Clause 2.5) may be ex-
 udnyttes  i   perioden   fra   den   respektive ercised  in  the  period   from   the  respective
 Vesting  Dato  og  indtil  (og  med)  den  25. Vesting  Date  and  until  (and  including)  25
 maj  2027  ("Udnyttelsesperioden")  inden May 2027 ("Exercise Period") within the win-
 for de udnyttelsesvinduer, der er anført i dows set forth in Clause 4.2. Warrants which
 punkt  4.2.  Warrants,  der  ikke  er  blevet have not been exercised on or before the last
 udnyttet  på  eller  inden  den  sidste  dag  i day of the Exercise Period will automatically
 Udnyttelsesperioden,                      bortfalder lapse  and  become  void  without  any  further
 automatisk     og    bliver    ugyldige    uden notice  and/or  compensation  to  the  Warrant
 yderligere  varsel  og/eller  kompensation Holder.
 til Warrantindehaveren.

4.2     Inden      for      Udnyttelsesperioden      kan

Warrants udnyttes fire gange om året i et
Within   the   Exercise   Period,   the   Warrants
may be exercised four times a year during a





	
	5




4 ugers udnyttelses-vindue, der begynder
på  tidspunktet  for  offentliggørelse  af
enten Selskabets årsregnskab eller
perioderegnskab (henholdsvis 3, 6 eller 9
måneder).
4-week window starting from the time of
publication of either the Company's annual
report or quarterly or semi-annual reports
(respectively 3, 6 and 9 months).

4.3     Warrantindehaveren   er   berettiget  til   at

udnytte alle eller en del af sine Warrants.
The Warrant Holder is entitled to exercise all

or part of his or her Warrants.


4         Beløbsgrænse for hver tildeling                              4         Value cap for each grant

4.1     Det  maksimale  afkast  ved  udnyttelse  af
hver Warrant-tildeling kan ikke overstige
et beløb svarende til 62,5%  af det  årlige
basisvederlag      ("Værdiloft")      for      den
enkelte Warrantindehaver.
The gross return from the exercise of each
grant   of  Warrants  cannot   exceed   a  value
equal to more than 62.5% of the annual base
salary  (the  “Value  Cap”)  of  the  individual
Warrant Holder.

4.2     Det   årlige   basisvederlag   beregnes   som
den faste årlige grundløn, som udbetales
af Selskabet eller et datterselskab til
Selskabet ("Arbejdsgiveren") til
Warrantindehaveren på tidspunktet for
tildelingen, før enhver betaling eller
fradrag af skat eller pensionsforpligtelser,
men eksklusive tillæg, bonus eller enhver
anden godtgørelse, som Arbejdsgiveren
eller Selskabet måtte betale, herunder
Warrants      eller      andre      aktiebaserede
incitamentsprogrammer.
The annual base salary is calculated as the
annual fixed salary payable by the Company
or a subsidiary of the Company (the "Em-
ployer") to the Warrant Holder at the time of
grant, prior to any payment or deduction of any
tax or pension obligations, but does not include
benefits, bonuses or any other po- tential
compensation payable by the Em- ployer  or
the  Company,  including  Warrants or other
share-based instruments.

4.3   Ved det maksimale afkast forstås det
sammenlagte og  samlede  afkast for hver
Warrant-tildeling til rådighed for
Warrantindehaveren   gennem   udnyttelse
af Warrants i Udnyttelsesperioden. Det
maksimale afkast beregnes som
differencen mellem beløbet svarende til
Warrants'                   samlede                   værdi
The gross return means the aggregated and
total return of each Warrant grant, available
to  the  Warrant  Holder  through  the  exercise
of Warrants during the  Exercise Period. The
gross return is calculated as the difference
between the amount equal to the total value
of the Warrants (the "Subscription Amount")





	
	6





 ("Tegningsværdien") på tidspunktet, hvor
der gives meddelelse om udnyttelse af
Warrants, og den gennemsnitlige slutkurs
på Selskabets aktier på Nasdaq
Copenhagen i de fem dage før enhver
udnyttelse  af  Warrants  i  en  enkelt
tildeling.
at the same time as giving notice of the ex-
ercise of the Warrants and the average clos-
ing price of the Company’s shares on Nasdaq
Copenhagen for the five days prior to one or
more exercises of Warrants in a single grant.

4.4

Hvis det  samlede  maksimale  afkast, som
defineret ovenfor i punkt 4.3, overstiger
Værdiloftet, vil enhver tilbageværende
Warrant   ved   den   pågældende   tildeling,
som  overstiger  Værdiloftet,  bortfalde
uden kompensation.

If the aggregated gross return, as defined in
Clause  4.3  above,  exceeds  the  Value  Cap,
any remaining Warrants for the grant in
question which exceeds the Value Cap, will
lapse without compensation.

5

Ekstraordinær udnyttelse af Warrants

5 Extraordinary Exercise of the War-
rants


5.1


Hele afsnit 4 i bilag 8.1.A skal finde
anvendelse med den modifikation at
henvisningen      deri      til      §      31-32      i


The entire section 4 of exhibit 8.1.A, shall
apply with the modification that the refer- ence
therein to Section 31-32 of the Danish
værdipapirhandelsloven  skal  erstattes
med en henvisning til § 44-47 i
kapitalmarkedsloven,  og  at  henvisninger
til NASDAQ OMX Copenhagen A/S skal
erstattes  med  en  henvisning  til  Nasdaq
Copenhagen.
Securities Trading Act shall be replaced by a
reference to Section 44-47 of the Danish
Capital Markets Act, and that references
therein  to  NASDAQ  OMX  Copenhagen  A/S
shall  be  replaced  by  a  reference  to  Nasdaq
Copenhagen.


6         Praktisk udnyttelse af Warrants                             6         Practicalities   in   connection   with

Exercise of the Warrants

6.1   Såfremt Warrantindehaveren ønsker at
udnytte en Warrant, skal
Warrantindehaveren   underette
Selskabets  elektronisk  herom  ved  hjælp
af   det   IT-system,   der   er   tilgængelig   i
 ”Aktionærportalen”          på          selskabets
hjemmeside.    Selskabet   har    ret   til    at
In the event that the Warrant Holder wishes
to   exercise   Warrants,  the   Warrant   Holder
shall electronically  give  notice  to  the  Com-
pany by using the IT system available on
"Aktionærportalen" on the Company's web-
site. The Company is entitled to change the
practicalities  in  connection  with  exercise  of





	
	7





 ændre i de praktiskte forhold omkring
udnyttelse af Warrants, og
Warrantindehaveren vil blive underrettet
skriftligt, hvis selskabet beslutter dette..
the Warrants and if so decided by the Com-
pany. The Warrant Holder will be notified in
writing by the Company.

6.2









7

Samtidig med at give meddelelse om
udnyttelse af Warrants skal
Warrantindehaveren indbetale et kontant
beløb til Selskabet svarende til det
relevante tegningsbeløb fastsat i henhold
til pkt. 7.
Tegningskurs         for         aktier         ved

At the same time as giving notice of the ex-
ercise 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 7.


7         Subscription   Price   for   Shares   in
 udnyttelse af Warrants connection   with   the   Exercise   of

Warrants

7.1

Hver Warrant giver Warrantindehaveren
ret til at tegne 1 aktie à nominelt kr. 1,00
i Selskabet til en tegningspris på kr. 90,70
("Tegningskursen").

Each Warrant entitles the Warrant Holder to
subscribe for 1 share in the Company of a
nominal value of DKK 1.00 at a subscription
price  of  DKK  90.70  (the  "Subscription
Price").

7.2

Tegningskursen kan reguleres som anført
i Warrantaftalen.

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

8

Regulering af vilkår for Warrants ved

8         Adjustment  of  the  Conditions  for
visse        definerede        ændringer        i

Selskabets kapitalforhold
Warrants in case of certain defined

Changes  in  the  Company's  Capital

Structure

8.1     Afsnit 7 i bilag 8.1.A skal finde anvendelse
med   den   modifikation   at   henvisningen
deri til vedtægternes punkt 8.1 skal
erstattes       med       en       henvisning       til
vedtægternes punkt 8.10.
The entire Section 7 in exhibit 8.1.A shall ap-
ply with the modification that the reference
therein to Clause 8.1 shall be replaced by a
reference  to  Clause  8.10  of  the  Articles  of
Association.


9         Omsættelighed                                                                     9         Transferability





	
	8




9.1     Afsnit 8 i bilag 8.1.A skal finde anvendelse

(ingen ændringer).
The entire Section 8 in exhibit 8.1.A shall ap-

ply (no changes).

10      Vilkår   for   nye   aktier   udstedt   ved

udnyttelse af Warrants
10      Conditions  for  New  Shares  issued

following Exercise of the Warrants

10.1   Afsnit 9 i bilag 8.1.A skal finde anvendelse
med   den   modifikation,   at   henvisningen
deri   til   Erhvervs-   og   Selskabsstyrelsen
skal    erstattes    med    en    henvisning    til
Erhvervsstyrelsen.
The entire Section 9 in exhibit 8.1.A, shall
apply with the modification that the refer- ence
therein to the Danish Commerce and
Companies  Agency  shall  be  replaced  by  a
reference to the Danish Business Authority.

11      Kapitalforhøjelse   ved   udnyttelse   af

Warrants
11      Capital     Increase    in     connection

with the Exercise of the Warrants

11.1 Såfremt      Warrantindehaveren      giver
rettidig meddelelse om udnyttelse af
Warrants, skal Selskabet gennemføre den
dertil hørende kapitalforhøjelse.
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.

11.2 Størstebeløbet af den kapital, der kan
tegnes  på  grundlag  af  Warrants  er
nominelt   kr.   229.794   (op   til   229.794
aktier à kr. 1,00) og mindstebeløbet er kr.
1,00  (1  aktie  à  kr.  1,00)  Størstebeløbet

kan  forøges  eller  reduceres  i  henhold  til
bestemmelserne om regulering i punkt 8.

12 Omkostninger i forbindelse med
udstedelse af aktier
The  maximum  increase  of  capital  that  may
be subscribed on basis of Warrants is nomi-
nally  DKK  229,794   (up  to  229,794   shares
at DKK 1.00 each) and the minimum amount
is DKK 1.00 (1 share at DKK 1.00). The max-
imum amount may be increased or reduced
in accordance with the provisions on adjust-
ment set forth in Clause 8.
12      Costs    related    to    the    Issue    of

Shares

12.1   Afsnit     11     i     bilag     8.1.A     skal     finde
anvendelse (ingen ændringer).
13      Ophør     af      ansættelsesforholdet     -

Warrantindehavere,              der              er
medarbejdere
The  entire  Section  11  in  exhibit  8.1.A  shall
apply (no changes).
13      Cease of Employment Status - War-

rant Holders who are Employees





	
	9




13.1 Hvis   Warrantindehaveren   opsiger   sit
ansættelsesforhold   ved   Selskabet   eller
hvis ansættelsesforholdet ophæves af
Selskabet som følge af
Warrantindehaverens væsentlige
misligholdelse af ansættelsesforholdet
eller  hvis  Warrantindehaveren  bortvises
af lovlig grund bortfalder alle uudnyttede
warrants - uanset om Warrants er vestede
eller   ej   -   med   øjeblikkelig   virkning   og
uden kompensation.
13.2 Hvis                  Selskabet                  ophæver
ansættelsesforholdet  og  dette  ikke
skyldes Warrantindehaverens væsentlige
misligholdelse af ansættelsesforholdet
eller lovlig bortvisning af
Warrantindehaveren eller hvis
Warrantindehaveren   dør,   kan   Warrants
der er vestede (se punkt Error! Refer-
ence  source  not found.)  på  datoen  for
levering af meddelelse om ophævelse
udnyttes senest i det ordinære
udnyttelsesvindue der falder senest 6
måneder efter datoen for Selskabets
levering   af   meddelelse   om   ophævelse
eller på datoen for Warrantindehaverens
død. Warrants der ikke udnyttes som
angivet  i  dette  punkt  13.2  vil  bortfalde
uden betaling af kompensation. Det
præciseres, at Warrants som ikke er
vestede på tidspunktet for levering af
meddelelse om ophævelse, skal bortfalde
uden                      kompensation                      til
Warrantindehaveren.
If the Warrant Holder terminates the em-
ployment with the Company or if the employ-
ment  is  terminated  by  the  Company  due  to
the Warrant Holder's material breach of the
employment relationship or if the Warrant
Holder has been dismissed summarily in a
legitimate way due to cause, all unexercised
warrants  -  whether  the  Warrants  vested  or
not - will lapse immediately without any
compensation being payable.


If the Company terminates the employment
and this is not due to the Warrant Holder's
material breach of the employment relation-
ship or to the Warrant Holder having been
dismissed  summarily  in  a  legitimate  way  or
if  the  Warrant  Holder  dies,  Warrants  that
have vested (see Clause Error! Reference
source not found.) on the date of termina-
tion of notice being served may be exercised
at the latest in the ordinary exercise window
falling no later than 6 months after the date
of the termination notice being served by the
Company or the  date  on  which  the  Warrant
Holder  dies.  Warrants  not  exercised  as  set
out in this Clause 13.2 will lapse without any
compensation being payable. For the avoid-
ance of doubt, Warrants that are not vested
on the date of the termination notice being
served shall lapse without any compensation
being payable to the Warrant Holder.

13.3 Hvis        Warrantindehaveren        opsiger
ansættelsesforholdet, og opsigelsen
skyldes             Selskabets             væsentlige
If  the  Warrant  Holder  terminates  the  em-
ployment  and  the  termination  is  due  to  the





	
	10




misligholdelse, er Warrantindehaveren
berettiget til at udnyttede Warrants i
overensstemmelse med vilkårene i dette
bilag, som om Warrantindehaveren stadig
var ansat i Selskabet.
material breach by the Company, the War- rant
Holder  is  entitled  to  exercise  Warrants in
accordance with the terms set out in these
Articles   of   Association   as   if   the   Warrant
Holder was still employed with the Company.

13.4   Warrants  vester  som  beskrevet  i  afsnit

2.5.
Warrants  shall  vest  as  described  in  Clause

2.5.


14      Insiderhandel                                                                        14      Insider Trading

14.1   Afsnit     13     i     bilag     8.1.A     skal     finde

anvendelse (ingen ændringer).
The  entire  Section  13  in  exhibit  8.1.A  shall

apply (no changes).

15      Skattemæssige forhold                                                   15      Tax Implications

15.1 Det er aftalt mellem Selskabet og hver
enkelt Warrantindehaver, at beskatning
sker   i  overenstemmelse   med   de   til   en
hver tid gældende lovgivning.
It  has  been  agreed  between  the  Company
and the individual Warrant Holder's that
taxation at any time shall follow applicable
laws and regulations as amended from time
to time.




15.2 Samtlige skattemæssige forpligtelser og
konsekvenser   for
Warrantindehaverensom følge af
Warrantaftalen,  de  udstedte  Warrants
eller de erhvervede aktier gennem
udnyttelse af disse Warrants er alene
Warrantindehaverens      ansvar      og      er
Selskabet uvedkommende.
All  tax obligations  and  consequences  to  the
Warrant Holder resulting from the Warrant
Agreement,   the   Warrants   issued   or   the
shares acquired by the exercise of such
Warrants,  are  the  sole  responsibility of the
Warrant Holder and of no concern to the
Company.

15.3 Warrantindehaveren  er  blevet  kraftigt
opfordret til at søge skattemæssig
rådgivning  i  forbindelse  med  indgåelsen
af Warrantaftalen.
The Warrant Holder has been strongly en-
couraged to seek tax advice in connection with
entering into the Warrant Agreement.





	
	11





16      Sprog                                                                                            16      Language

16.1   I tilfælde af uoverensstemmelser mellem
den danske og den engelske version af
dette bilag skal den danske version være
gældende.
In case of disagreements between the Dan-
ish  and  the  English  version  of  this  exhibit,
the Danish version shall prevail.





	
	




























BILAG 8.10.B TIL VEDTÆGTER FOR                                 EXHIBIT 8.10.B TO THE ARTICLES OF
ASSOCIATION FOR
ZEALAND PHARMA A/S                                                                   ZEALAND PHARMA A/S





	
	2





INDHOLDSFORTEGNELSE/TABLE OF CONTENTS


1                      FORMÅL...................................................................................................... . 3
1                      PURPOSE .................................................................................................... . 3
2                      TILDELING AF WARRANTS............................................................................... 3
2                      GRANT OF WARRANTS.................................................................................... 3
3                      ALMINDELIG UDNYTTELSE AF WARRANTS .......................................................... 4
3                      ORDINARY EXERCISE OF THE WARRANTS .......................................................... 4
4                      EKSTRAORDINÆR UDNYTTELSE AF WARRANTS ................................................... 5
4                      EXTRAORDINARY EXERCISE OF THE WARRANTS.................................................. 5
5                      PRAKTISK UDNYTTELSE AF WARRANTS.............................................................. 5
5                      PRACTICALITIES IN CONNECTION WITH EXERCISE OF THE WARRANTS ................... 5
6                      TEGNINGSKURS FOR AKTIER VED UDNYTTELSE AF WARRANTS .............................. 6
6 SUBSCRIPTION   PRICE   FOR   SHARES   IN   CONNECTION   WITH   THE   EXERCISE   OF
WARRANTS ................................................................................................. . 6
7                      REGULERING  AF  VILKÅR  FOR  WARRANTS  VED  VISSE  DEFINEREDE  ÆNDRINGER  I
SELSKABETS KAPITALFORHOLD ....................................................................... 6
7 ADJUSTMENT OF THE CONDITIONS FOR WARRANTS IN CASE OF CERTAIN DEFINED
CHANGES IN THE COMPANY'S CAPITAL STRUCTURE ............................................. 6
8                      OMSÆTTELIGHED .......................................................................................... 6
8                      TRANSFERABILITY ........................................................................................ . 6
9                      VILKÅR FOR NYE AKTIER UDSTEDT VED UDNYTTELSE AF WARRANTS ...................... 6
9                      CONDITIONS FOR NEW SHARES ISSUED FOLLOWING EXERCISE OF THE WARRANTS
................................................................................................................. . 6
10                   KAPITALFORHØJELSE VED UDNYTTELSE AF WARRANTS ........................................ 7
10                   CAPITAL INCREASE IN CONNECTION WITH THE EXERCISE OF THE WARRANTS ......... 7
11                   OMKOSTNINGER I FORBINDELSE MED UDSTEDELSE AF AKTIER ............................. 7
11                   COSTS RELATED TO THE ISSUE OF SHARES ....................................................... 7
12                   OPHØR     AF     ANSÆTTELSESFORHOLDET     -     WARRANTINDEHAVERE,     DER     ER
MEDARBEJDERE ............................................................................................ 7
12                   CEASE OF EMPLOYMENT STATUS - WARRANT HOLDERS WHO ARE EMPLOYEES.......... 7
13                   INSIDERHANDEL .......................................................................................... . 8
13                   INSIDER TRADING........................................................................................ . 8
14                   SKATTEMÆSSIGE FORHOLD ............................................................................ 9
14                   TAX IMPLICATIONS........................................................................................ 9
15                   SPROG ....................................................................................................... . 9
15                   LANGUAGE .................................................................................................. . 9





	
	3





15      Formål                                                                                         1         Purpose


1.1












1.2
På   bestyrelsesmødet   i   Zealand   Pharma
A/S ("Selskabet") den 25. maj 2022 blev
der  i  overensstemmelse  med
vedtægternes punkt 8.10 vedtaget
følgende nye bestemmelser vedrørende
udstedelse af warrants til visse af
Selskabets medarbejdere
("Warrantindehaver") ("Warrants").
Bestyrelsen har besluttet at udstede op til
At the board meeting held in Zealand Pharma
A/S (the "Company") on 25 May 2022, the
following new provisions were adopted in ac-
cordance  with  Article 8.10  of the  Articles of
Association concerning the issuing of war-
rants to certain employees of the Company
(the "Warrant Holder") ("Warrants").


The Board of Directors has decided to issue
 633.362  warrants  i  Selskabet  til  tegning
af op til 633.362      aktier til kr. 1,00
(nominelt kr. 633.362 ) i henhold til
vedtægternes punkt 8.10.
up to 633,362   Warrants in the Company for
the subscription of up to 633,362   shares of
DKK 1.00 (nominally DKK 633,362 ) accord-
ing to Article 8.10 of the Articles of Associa-
tion.

1.3

Warrants berettiger Warrantindehaveren
til  at  tegne  aktier  på  de  i  nærværende
bilag 8.10.B til Selskabets vedtægter
anførte vilkår.

The Warrants entitle the Warrant Holder to
subscribe for shares on the terms and condi-
tions stipulated in this exhibit 8.10.B to the
Articles of Association of the Company.

2

Tildeling af Warrants

2         Grant of Warrants

2.1

Hver Warrantindehaver har fået tildelt det
antal warrants i Selskabet, som er anført
i Selskabets meddelelse til
Warrantindehaveren i "Aktionærportalen"
på Selskabets hjemmeside, som vil være
tilgængelig  den  25.  maj  2022
("Warrants") i overensstemmelse med
vilkårene i den/de   warrantaftale(r), hvor
tegning  af  Warrants  i  henhold  til  dette
bilag  har  fundet  sted  ("Warrantaftalen")
og Selskabets vedtægter.

Each Warrant Holder has been granted such
number  of  warrants  in  the  Company  as  set
out in the message from the Company to the
Warrant Holder made available at "Aktionær-
portalen" at the website of the Company on
25 May 2022 (the "Warrants") in accordance
with the terms set forth in the warrant
agreement(s) whereby subscription for the
Warrants in accordance with this exhibit
has/have taken place (the "Warrant Agree-
ment") and the Company's Articles of Asso-
ciation.


2.2     Tildeling       af       Warrants       sker       uden                The Warrants are granted free of charge.





	
	4





beregning.


2.3 Hver Warrant berettiger
Warrantindehaveren til at tegne 1 aktie à
nominelt kr. 1,00 i Selskabet i henhold til
de relevante bestemmelser anført i punkt
3 - 5 til den i punkt 6 fastsatte tegningskurs.
Each Warrant entitles the Warrant Holder to
subscribe for 1  share  of  nominal  value  DKK
1.00  in  the  Company  pursuant  to  the  rele-
vant conditions as set forth in Clauses 3 - 5
and at the relevant subscription price as de-
termined in Clause 6.

2.4

I   forbindelse   med   Selskabets   aktiebog

In connection with the Company's register of
 skal     der    føres    en     fortegnelse    over shareholders,  a  register  of  all  issued  War-
 samtlige udstedte Warrants. rants shall be kept.

2.5

Warrants    vester    samlet    tre    år    efter

Warrants  shall  vest  collectively  three  years
 tildeling   af   Warrants.   Warrants   vester after  the  date  of  grant  of  Warrants.  Thus,
 således   den   25.   maj   2025.   Datoen   på Warrants  vest  collectively  on  25  May  2025.
 hvilken Warrants vester refereres til som The date on which Warrants vest is referred
 "Vesting Dato". to as the "Vesting Date".

3

Almindelig udnyttelse af Warrants

3         Ordinary Exercise of the Warrants

3.1

Vestede  Warrants     (se  punkt  2.5)   kan

Vested Warrants (see Clause 2.5) may be ex-
 udnyttes  i   perioden   fra   den   respektive ercised  in  the  period   from   the  respective
 Vesting  Dato  og  indtil  (og  med)  den  25. Vesting  Date  and  until  (and  including)  25
 maj  2032  ("Udnyttelsesperioden")  inden May 2032 ("Exercise Period") within the win-
 for de udnyttelsesvinduer, der er anført i
punkt 3.2. Warrants, der ikke er blevet
udnyttet på eller inden den sidste dag i
Udnyttelsesperioden, bortfalder
automatisk og bliver ugyldige uden
yderligere   varsel  og/eller  kompensation
til Warrantindehaveren.
dows set forth in Clause 3.2. Warrants which
have not been exercised on or before the last
day of the Exercise Period will automatically
lapse and become void without any further
notice and/or compensation to the Warrant
Holder.

3.2

Inden      for      Udnyttelsesperioden      kan

Within   the   Exercise   Period,   the   Warrants
 Warrants udnyttes fire gange om året i et may be exercised four times a year during a
 4 ugers udnyttelses-vindue, der begynder 4-week  window  starting  from  the  time  of
 på    tidspunktet    for    offentliggørelse    af publication  of  either  the  Company's  annual
 enten      Selskabets      årsregnskab      eller report  or  quarterly  or  semi-annual  reports 





	
	5





 perioderegnskab (henholdsvis 3, 6 eller 9
måneder).
(respectively 3, 6 and 9 months).

3.3

Warrantindehaveren   er   berettiget  til   at
udnytte alle eller en del af sine Warrants.

The Warrant Holder is entitled to exercise all
or part of his or her Warrants.

4

Ekstraordinær udnyttelse af Warrants 4 Extraordinary Exercise of the War-
rants


4.1


Hele afsnit 4 i bilag 8.1.A skal finde
anvendelse med den modifikation at
henvisningen      deri      til      §      31-32      i


The entire section 4 of exhibit 8.1.A, shall
apply with the modification that the refer- ence
therein to Section 31-32 of the Danish
værdipapirhandelsloven  skal  erstattes
med en henvisning til § 44-47 i
kapitalmarkedsloven,  og  at  henvisninger
til NASDAQ OMX Copenhagen A/S skal
erstattes  med  en  henvisning  til  Nasdaq
Copenhagen.
Securities Trading Act shall be replaced by a
reference to Section 44-47 of the Danish
Capital Markets Act, and that references
therein  to  NASDAQ  OMX  Copenhagen  A/S
shall  be  replaced  by  a  reference  to  Nasdaq
Copenhagen.


5         Praktisk udnyttelse af Warrants                             5         Practicalities   in   connection   with

Exercise of the Warrants

5.1   Såfremt Warrantindehaveren ønsker at
udnytte en Warrant, skal
Warrantindehaveren   underette
Selskabets  elektronisk  herom  ved  hjælp
af   det   IT-system,   der   er   tilgængelig   i
 ”Aktionærportalen”          på          selskabets

hjemmeside.  Selskabet har  ret til  at
 ændre i de praktiskte forhold omkring
udnyttelse af Warrants, og
Warrantindehaveren vil blive underrettet
skriftligt, hvis selskabet beslutter dette..


5.2   Samtidig med at give meddelelse om
udnyttelse af Warrants skal
Warrantindehaveren indbetale et kontant
beløb    til    Selskabet    svarende    til    det
In the event that the Warrant Holder
wishes to exercise Warrants, the War-
rant   Holder    shall electronically   give
notice to the Company by using the IT
system available on "Aktionærpor-
talen" on the  Company's website. The
Company is entitled to change the
practicalities in connection with exer-
cise of the Warrants and if so decided
by the Company. The Warrant Holder will
be notified in writing by the Com- pany.
At the same time as giving notice of the ex-

ercise of the Warrants, the Warrant Holder
shall pay in cash to the Company an amount
equal  to  the  relevant  subscription  amount





	
	6




relevante tegningsbeløb fastsat i henhold
til pkt. 6.
6 Tegningskurs         for         aktier         ved
udnyttelse af Warrants
fixed under the terms of Clause 6.


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

6.1     Hver  Warrant  giver  Warrantindehaveren
ret til at tegne 1 aktie à nominelt kr. 1,00
i Selskabet til en tegningspris på kr. 90,70
("Tegningskursen").
Each Warrant entitles the Warrant Holder to
subscribe for 1 share in the Company of a
nominal value of DKK 1.00 at a subscription
price    of    DKK    90.70    (the    "Subscription
Price").

6.2     Tegningskursen kan reguleres som anført

i Warrantaftalen.
The  Subscription  Price  may  be  regulated as

set out in the Warrant Agreement.

7 Regulering af vilkår for Warrants ved
visse definerede ændringer i
Selskabets kapitalforhold
7 Adjustment  of  the  Conditions  for
Warrants in case of certain defined
Changes  in  the  Company's  Capital
Structure

7.1     Afsnit 7 i bilag 8.1.A skal finde anvendelse
med   den   modifikation   at   henvisningen
deri til vedtægternes punkt 8.1 skal
erstattes       med       en       henvisning       til
vedtægternes punkt 8.10.
The entire Section 7 in shall apply with the
modification that the reference therein to
Clause  8.1  shall  be  replaced  by  a  reference
to Clause 8.10 of the Articles of Association.


8         Omsættelighed                                                                     8         Transferability

8.1     Afsnit 8 i bilag 8.1.A skal finde anvendelse

(ingen ændringer).
The entire Section 8 in exhibit 8.1.A shall ap-

ply (no changes).

9         Vilkår   for   nye   aktier   udstedt   ved

udnyttelse af Warrants
9         Conditions  for  New  Shares  issued

following Exercise of the Warrants

9.1     Afsnit 9 i bilag 8.1.A skal finde anvendelse
med   den   modifikation,   at   henvisningen
deri   til   Erhvervs-   og   Selskabsstyrelsen
skal    erstattes    med    en    henvisning    til
The entire Section 9 in exhibit 8.1.A, shall
apply with the modification that the refer- ence
therein to the Danish Commerce and
Companies  Agency  shall  be  replaced  by  a





	
	7





Erhvervsstyrelsen.                                                                  reference to the Danish Business Authority.

10      Kapitalforhøjelse   ved   udnyttelse   af

Warrants
10      Capital     Increase    in     connection

with the Exercise of the Warrants

10.1 Såfremt      Warrantindehaveren      giver
rettidig meddelelse om udnyttelse af
Warrants, skal Selskabet gennemføre den
dertil hørende kapitalforhøjelse.
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.

10.2 Størstebeløbet af den kapital, der kan
tegnes  på  grundlag  af  Warrants  er
nominelt   kr.   633.362      (op   til   633.362
aktier à kr. 1,00) og mindstebeløbet er kr.
1,00  (1  aktie  à  kr.  1,00)  Størstebeløbet

kan  forøges  eller  reduceres  i  henhold  til
bestemmelserne om regulering i punkt 7.

11 Omkostninger i forbindelse med
udstedelse af aktier
The  maximum  increase  of  capital  that  may
be subscribed on basis of Warrants is nomi-
nally  DKK  633,362   (up  to  633,362   shares
at DKK 1.00 each) and the minimum amount
is DKK 1.00 (1 share at DKK 1.00). The max-
imum amount may be increased or reduced
in accordance with the provisions on adjust-
ment set forth in Clause 7.
11      Costs    related    to    the    Issue    of

Shares

11.1   Afsnit     11     i     bilag     8.1.A     skal     finde
anvendelse (ingen ændringer).
12      Ophør     af      ansættelsesforholdet     -
Warrantindehavere,              der              er
medarbejdere
The  entire  Section  11  in  exhibit  8.1.A  shall
apply (no changes).
12      Cease of Employment Status - War-
rant Holders who are Employees

12.1 Hvis   Warrantindehaveren   opsiger   sit
ansættelsesforhold   ved   Selskabet   eller
hvis ansættelsesforholdet ophæves af
Selskabet som følge af
Warrantindehaverens væsentlige
misligholdelse af ansættelsesforholdet
eller  hvis  Warrantindehaveren  bortvises
af lovlig grund bortfalder alle uudnyttede
warrants - uanset om Warrants er vestede
eller   ej   -   med   øjeblikkelig   virkning   og
uden kompensation.
If the Warrant Holder terminates the em-
ployment with the Company or if the employ-
ment  is  terminated  by  the  Company  due  to
the Warrant Holder's material breach of the
employment relationship or if the Warrant
Holder has been dismissed summarily in a
legitimate way due to cause, all unexercised
warrants  -  whether  the  Warrants  vested  or
not - will lapse immediately without any
compensation being payable.





	
	8




12.2 Hvis                  Selskabet                  ophæver
ansættelsesforholdet  og  dette  ikke
skyldes Warrantindehaverens væsentlige
misligholdelse af ansættelsesforholdet
eller lovlig bortvisning af
Warrantindehaveren eller hvis
Warrantindehaveren   dør,   kan   Warrants
der er vestede (se punkt 12.4) på datoen for
levering af meddelelse om ophævelse
udnyttes senest i det ordinære
udnyttelsesvindue der falder senest 6
måneder efter datoen for Selskabets
levering   af   meddelelse   om   ophævelse
eller på datoen for Warrantindehaverens
død. Warrants der ikke udnyttes som
angivet  i  dette  punkt  12.2  vil  bortfalde
uden betaling af kompensation. Det
præciseres, at Warrants som ikke er
vestede på tidspunktet for levering af
meddelelse om ophævelse, skal bortfalde
uden                      kompensation                      til
Warrantindehaveren.
If the Company terminates the employment
and this is not due to the Warrant Holder's
material breach of the employment relation-
ship or to the Warrant Holder having been
dismissed  summarily  in  a  legitimate  way  or
if  the  Warrant  Holder  dies,  Warrants  that
have vested (see Clause 12.4) on the date of
termination of notice being served may be
exercised at the latest in the ordinary exer-
cise window falling no later than 6 months after
the date of the termination notice being served
by the Company or the date on which the
Warrant Holder dies. Warrants not exer- cised
as set out in this Clause 12.2 will lapse without
any   compensation   being   payable. For  the
avoidance  of  doubt,  Warrants  that are not
vested on the date of the termination notice
being served shall lapse without any
compensation being  payable to the  Warrant
Holder.

12.3 Hvis        Warrantindehaveren        opsiger
ansættelsesforholdet, og opsigelsen
skyldes Selskabets væsentlige
misligholdelse, er Warrantindehaveren
berettiget til at udnyttede Warrants i
overensstemmelse med vilkårene i dette
bilag, som om Warrantindehaveren stadig
var ansat i Selskabet.
If the Warrant Holder terminates the em-
ployment and the termination is due to the
material breach by the Company, the War- rant
Holder  is  entitled  to  exercise  Warrants in
accordance with the terms set out in these
Articles   of   Association   as   if   the   Warrant
Holder was still employed with the Company.

12.4   Warrants  vester  som  beskrevet  i  afsnit

2.5.
Warrants  shall  vest  as  described  in  Clause

2.5.


13      Insiderhandel                                                                        13      Insider Trading





	
	9




13.1   Afsnit     13     i     bilag     8.1.A     skal     finde

anvendelse (ingen ændringer).
The  entire  Section  13  in  exhibit  8.1.A  shall

apply (no changes).

14      Skattemæssige forhold                                                   14      Tax Implications

14.1 Det er aftalt mellem Selskabet og hver
enkelt  Warrantindehaver, at
ligningslovens § 7P, i sin til enhver tid
gældende form, skal være gældende for
Warrants i videst muligt omfang.
It  has  been  agreed  between  the  Company
and the individual Warrant Holder's that
Section  7P  of  the  Danish  Tax  Assessment
Act  (in  Danish:  "Ligningsloven"),  as
amended  from  time  to  time,  shall  apply  to
the Warrants to the largest extent possible.

14.2 Selskabet påtager sig ingen garantier
overfor Warrantindehaveren for, at
Warrantindehaveren   vil   være   berettiget
til skattemæssig behandling efter
ligningslovens § 7P, i sin til enhver tid
gældende form, herunder hvis
betingelserne for bestemmelsens
anvendelse ikke er opfyldt eller hvis
bestemmelsen ændres eller ophæves i
fremtiden.
14.3   Samtlige  skattemæssige  forpligtelser  og

konsekvenser   for
Warrantindehaverensom følge af
Warrantaftalen,  de  udstedte  Warrants
eller de erhvervede aktier gennem
udnyttelse af disse Warrants er alene
Warrantindehaverens      ansvar      og      er
Selskabet uvedkommende.
The Company does not make any guarantees
to   the   Warrant   Holder   that   the   Warrant
Holder  will  be  subject  to  the  tax treatment
under Section 7P of the Danish Tax Assess-
ment Act, as amended from time to time,
including if the requirements for the appli-
cation of the provision are not met or if the
provision  is  altered  or  repealed  in  the  fu-
ture.


All  tax obligations  and  consequences  to  the
Warrant Holder resulting from the Warrant
Agreement,   the   Warrants   issued   or   the
shares acquired by the exercise of such
Warrants,  are  the  sole  responsibility of the
Warrant Holder and of no concern to the
Company.

14.4 Warrantindehaveren  er  blevet  kraftigt
opfordret til at søge skattemæssig
rådgivning  i  forbindelse  med  indgåelsen
af Warrantaftalen.
The Warrant Holder has been strongly en-
couraged to seek tax advice in connection with
entering into the Warrant Agreement.


15      Sprog                                                                                            16      Language





	
	10




16.1   I tilfælde af uoverensstemmelser mellem
den danske og den engelske version af
dette bilag skal den danske version være
gældende.
In case of disagreements between the Dan-
ish  and  the  English  version  of  this  exhibit,
the Danish version shall prevail.