Document:

Exhibit 10.3

 

TERMS AND CONDITIONS FOR PHARMALINK
AB’S

WARRANTS 2017 / 2020

 

		1	Definitions

 

The following terms shall have the following meaning
when used herein.

 

“Company” means Pharmalink AB,
Reg. No. 556659-9766;

 

“Exit”
means the situation where either i ) a third party enters into agreement with one or several shareholders for the purchase of more
than 50% of the outstanding shares and other securities in the Company, ii) shares and securities constituting more than half of
the shares of the Company are owned by a shareholder which is not a shareholder of the Company according to the share register
as per 28 June 2017, or iii) where an initial public offering is made, after which all or parts of the Company’s
shares or the shares in one of the Company ́s directly or indirectly owned subsidiaries are listed at a stock exchange or
other authorized marketplace for public trading in shares anywhere in the world;

 

”Exit-day”
shall have the meaning set out in Section 4 below;

 

”Exit-notice”
shall have the meaning set out in Section 4 below;

 

“Warrantholder” means a holder
of a warrant;

 

“Warrant” means a right to subscribe
for new shares in the Company against payment in cash in accordance with these terms and conditions;

 

“Subscription” means such subscription
for new shares in the Company, through exercise of a Warrant, as referred to in Chapter 14 of the Swedish Companies Act (2005:551);

 

“Subscription price” means the
price at which Subscription for new shares may occur.

 

”Revocation”
shall have the meaning set out in Section 4 below.

 

		2	Warrants

 

The number of Warrants amounts to a maximum of
4 769.

 

		3	Subscription for new shares

 

During the period from the date when the Warrants
are registered with the Swedish Companies Registration Office up to and including 30 June 2020, or the earlier date set forth
in Section 4 or 8 below, Warrantholders are entitled to subscribe for one new share in the Company for each warrant at a Subscription
price of SEK 10 590. A recalculation of the Subscription price can be made as set forth in Section 8 below.

 

A Warrantholder may only subscribe for the entire
number of shares which the total number of Warrants that he wishes to exercise at any one time entitles him to purchase.

 

    

     

    

 

Subscription may not be made until any dispute
concerning redemption of minority shares in accordance with Chapter 22 Section 26 Paragraph 2 of the Swedish Companies Act
(2005:551) has been finally settled. However, if the subscription period under the first paragraph above will expire before then
or within three months thereafter, the Warrantholder shall be entitled to exercise the Warrant during three months after the judgement
became final.

 

		4	Adjustment of the subscription period

 

The Company shall be entitled,
but not obliged, to call for Subscription in advance in the event of an Exit.

 

If an Exit is expected, and
the Company decides to call for Subscription in advance, the Company shall no later than fifteen (15) Business Days prior to the
expected day of Exit (the “Exit-day”) notify the Warrant Holder in writing (the “Exit-notice”).

 

In case the Company submits
an Exit-notice in accordance with above the Warrant Holders shall – regardless what is stated about the earliest date of
Subscription in Section 3 above – no later than fifteen (15) Business Days after receiving the Exit-notice give notice
of Subscription. Should Warrants not be exercised during such 15-days period such Warrants shall lapse.

 

In case, after the Company
has left a Exit-notice to the Holders in accordance with above, the Company receives knowledge that the event in question will
not occur, the Company shall as soon as possible notify the Warrant Holders thereof and the reasons thereto (the “Revocation”).
Notwithstanding of what is stated in the first passage of this Section, the Warrant Holder shall have the right to revoke a notice
of Subscription submitted to the Company by the Warrant Holder because of an Exit-notice that later is revoked by Revocation, provided
that the revocation is executed.

 

		5	Application for Subscription

 

In order for any Subscription to be executed, the
Warrantholder shall submit to the Company a written notification indicating the number of shares that the Warrantholder wishes
to subscribe for. Notifications of Subscription are binding and may not be revoked.

 

Where a notification of Subscription is not filed
within the period set forth in Section 3 or Section 4, any and all rights pursuant to the Warrants shall expire.

 

A Subscription will be effected through the registration
of the new shares in the share register, subsequent to which the Company shall apply for registration of the new shares with the
Swedish Companies Registration Office, provided that payment for the new shares has been made.

 

		6	Payment

 

Following Subscription, payment for the new shares
shall be made immediately in cash. Payment shall be made to an account designated by the Company.

 

		7	Dividends in respect of new shares

 

Shares which are issued upon Subscription shall
entitle the holders to participate in any payments of dividends decided after the execution of the Subscription.

 

    

     

    

 

Shares, which are issued upon a Subscription effected
during the period from and including the end of a certain financial year and the record date for dividends that particular financial
year, do not entitle to dividends for that financial year.

 

		8	Adjustment of Subscription price etc.

 

The following shall apply with respect to the right
of a Warrantholder in the different situations set forth below.

 

		8.1	Bonus issue

 

Where the Company carries out a bonus issue of
shares, or a share split or a reverse share split (a “bonus issue”), a corresponding recalculation shall be made of
the Subscription price as well as of the number of shares that each Warrant entitles the Warrantholder to subscribe for. The recalculations,
which shall be made by the Company, shall be made in the following manner. The recalculated number of shares that each Warrant
entitles the Warrantholder to subscribe for, shall correspond to the number of shares which each Warrant entitled the Warrantholder
to subscribe for in accordance with Section 3 immediately prior to the bonus issue, multiplied by the quotient of the number
of outstanding shares subsequent to the bonus issue and the number of outstanding shares prior to the bonus issue. The recalculated
Subscription price shall correspond to the Subscription price immediately prior to the bonus issue, multiplied by the quotient
of the number of outstanding shares prior to the bonus issue and the number of outstanding shares subsequent to the bonus issue.

 

		8.2	Pre-emption rights to Warrantholders in the event of an issue of new shares or issue pursuant to Chapters 14 or 15 of
the Swedish Companies Act

 

Where the Company carries
out a new issue of shares, an issue of Warrants or an issue of convertible debentures, or where it otherwise makes an offer to
its shareholders to acquire securities of any kind from the Company, all in accordance with the principles of pre-emption rights
in Chapter 13 Section 1, Chapter 14 Section 1 or Chapter 15 Section 1 of the Swedish Companies Act, a:

 

		(i)	recalculation of the Subscription price as well as
of the number of shares which each Warrant entitles the Warrant Holder to subscribe for, shall be made; or

		(ii)	the Warrant Holders shall be granted the right to subscribe for new warrants to the extent necessary to maintain the pre-issue
expected proportion of the shareholding calculated on a fully diluted basis; or

		(iii)	the Warrant Holders shall be granted the right to participate in the issue as if they were shareholders with a number of
shares equivalent to the number of shares they would have had upon full exercise of their Warrants.

 

The Company decides which alternative above that
should be applied. In case of recalculation the starting point of the recalculation, which is to be made by the Company, shall
be that the value of the Warrants shall remain unchanged.

 

		8.3	Reduction of the capital with a distribution to the shareholders

 

Where the Company’s share capital is reduced
by a distribution to the shareholders, or if the Company pays a dividend in the form of securities of any kind, the Company shall
have made an agreement with the Warrantholders in respect of the Subscription price applicable after such distribution, or, in
connection with a Subscription made subsequent to such action, a recalculated Subscription price shall be applied, corresponding
to the Subscription price set out in Section 3 less the value per share distributed to the shareholders, or the value for
each share of the distributed securities. The recalculation shall be made by the Company. Recalculation shall not be undertaken
in case of redemption of preference shares.

 

    

     

    

 

		8.4	Liquidation

 

If it is decided that the Company shall enter into
liquidation pursuant to Chapter 25 of the Swedish Companies Act, an application for Subscription may not be made thereafter, regardless
of the liquidation grounds. The right to request Subscription ceases as a result of the decision to liquidate, notwithstanding
the fact that the decision may not have gained legal force. The Warrantholders shall be informed through written notice of the
planned liquidation not later than two months before the shareholders’ meeting considers whether the Company should enter
into voluntary liquidation. The notice shall include a reminder that an application for Subscription may not be made after the
shareholders’ meeting has resolved to liquidate. If the Company gives notice of a planned liquidation as stated above, Warrantholders
are, notwithstanding the provisions of Section 3 above regarding the earliest time for Subscription, entitled to apply for
Subscription from the day when the notice was issued, provided that Subscription can be effected not later than the tenth calendar
day prior to the shareholders’ meeting at which the issue of the Company’s liquidation is to be considered.

 

		8.5	Merger pursuant to Chapter 23 Section 15 of the Swedish Companies Act

 

Should the shareholders’ meeting approve
a merger plan in accordance with Chapter 23 Section 15 of the Swedish Companies Act, or all shareholders in all the participating
companies sign a merger plan in accordance with the fourth paragraph of the above mentioned section of law whereby the Company
shall become part of another Company, application for Subscription may not be made thereafter. The Warrantholders shall be informed
of such merger plans in writing not later than two months before the Company finally decides on the matter of a merger as described
above. The notice shall include a report on the principal terms of the proposed merger plan and shall remind the Warrantholders
that Subscription may not be applied for once a final resolution has been passed on the merger or once the merger plan has been
signed by the shareholders. Should the Company give notice of the planned merger as stated above, the Warrantholders shall, notwithstanding
the provisions of Section 3 above regarding the earliest time for Subscription, have the right to apply for Subscription from
the date when the notice of the merger plans was issued, provided that Subscription can be effected not later than the tenth calendar
day prior to the shareholders’ meeting at which the merger plan, is to be approved or the day when the shareholders are to
sign the merger plan, as the case may be.

 

		8.6	Merger plan in accordance with Chapter 23 Section 28 of the Swedish Companies Act

 

The following shall apply in the event that the
board of directors of the Company decides on a merger in accordance with Chapter 23 Section 28 of the Swedish Companies Act.
If the board of directors of the Company intend to prepare a merger plan with reference to the Section of the Swedish Companies
Act set out in the preceding sentence, it shall determine a new final day for application for Subscription (a closing date) where
the final day for an application for Subscription pursuant to Section 3 above occurs after the board became so intent. The
closing date shall fall within 60 days of the day on which such intention existed, or if the intention has been announced, the
announcement. Once the closing date has been established, Warrantholders have the right to apply for Subscription up to and including
the closing date notwithstanding the provisions of Section 3 above with respect to the earliest date for applications for
Subscription. At least four weeks prior to the closing date, the Company shall notify the Warrantholders in writing of such right
and of the fact that Subscription may not be applied for after the closing date.

 

    

     

    

 

		8.7	Compulsory redemption

 

Should the Company’s
shares become subject to compulsory redemption pursuant to Chapter 22 of the Swedish Companies Act, the following shall apply.
If the board of directors receives a request for compulsory redemption of the shares in the Company, the Company shall determine
a new final day for applications for Subscription (a closing date) where the final day for Subscription pursuant to Section 3
above occurs after such a request. The closing date shall fall within 60 days of the date of the request. Once the closing date
has been established, Warrantholders have the right to apply for Subscription up to and including the closing date notwithstanding
the provisions of Section 3 above with respect to the earliest date for applications for Subscription. At least four weeks
prior to the closing date, the Company shall notify the Warrantholders in writing of such right and of the fact that Subscription
may not be applied for after the closing date.

 

		8.8	De-merger plan in accordance with Chapter 24 Section 17 of the Swedish Companies Act

 

Should the shareholders’ meeting approve
a division plan in accordance with Chapter 24 Section 17 of the Swedish Companies Act, or all shareholders in all the participating
companies sign a division plan in accordance with the fourth paragraph of the above mentioned section of law, whereby the Company
shall be split up and some, or all, of the Company’s assets and debts shall be overtaken by one or several other companies,
application for Subscription may not be made thereafter. The Warrantholders shall be informed of such division plans in writing
not later than two months before the Company finally decides on the matter of a division as described above. The notice shall include
a report on the principal terms of the proposed division plan and shall remind the Warrantholders that Subscription may not be
applied for once a final resolution has been passed on the division or once the division plan has been signed by the shareholders.
Should the Company give notice of the planned division as stated above, the Warrantholders shall, notwithstanding the provisions
of Section 3 above regarding the earliest time for Subscription, have the right to apply for Subscription from the date when
the notice of the division plans was issued, provided that Subscription can be effected not later than the tenth calendar day prior
to the shareholders’ meeting at which the division agreement is to be approved or the day when the shareholders are to sign
the division plan, as the case may be.

 

Notwithstanding the above provisions by virtue
of which Subscription may not applied for following a decision to liquidate, following approval or signing of a merger plan following
a request for compulsory redemption, or following approval or signing of a division plan, the right to apply for Subscription will
be reinstated where the liquidation is revoked, or the merger plan, the division plan or compulsory redemption are not implemented.

 

		8.9	Bankruptcy

 

In the event the Company enters into bankruptcy,
notification for Subscription may not thereafter take place. In the event the order regarding the Company’s bankruptcy
is annulled by a court of higher instance, Subscription may take place.

 

		9	Special undertaking by the Company

 

The Company agrees not to undertake any measure
described in Section 8 above which would result in an adjustment of the Subscription price to an amount which is less than
the quota value of the shares in the Company.

 

		10	Notification

 

Notices concerning these Warrant terms shall be
given to each Warrantholder and each other rightsholder who has notified the Company in writing of his address.

 

    

     

    

 

		11	Changes in the terms

 

The Company shall be entitled to decide on changes
in these terms insofar as such changes are required by legislation, court decisions or decisions by public authorities, or if in
the opinion of the Company, such actions otherwise are appropriate or necessary for practical reasons and the rights of the Warrantholders
are not adversely affected in any respect.

 

		12	Governing law and disputes

 

These warrant terms and any related legal matters
shall be governed by Swedish law. Disputes arising from these shall be settled by court with the Stockholm City Court (Sw. Stockholms
tingsrätt) as the court of first instance, or any other court which the Company approves in writing.

 

______________Exhibit 10.4

 

Terms and Conditions for
Warrants 2018/2022 in Calliditas Therapeutics AB (publ)

 

		1	Definitions

 

In these terms and conditions, the following
terms shall have the meaning given below.

 

	Companies Act	the Swedish Companies Act (SFS 2005:551);
	Central Securities Depository Company	a company whose articles of association contain an article stating that the company’s shares must be registered in a central securities depository register and whose shares are registered through Euroclear;
	Securities Account	an account with Euroclear for registering such financial instruments as referred to in the Swedish Central Securities Depositories and Financial Instruments Accounting Act (1998:1479);
	Business Day	a day which is not a Sunday or other public holiday or, with respect to the payment of promissory notes, is not equated with a public holiday in Sweden;
	Bank	the bank or account operator which the Company at each time has appointed to handle the administration of the Warrants in accordance with these terms and conditions;
	Company	Calliditas Therapeutics AB (publ), company reg. no. 556659-9766;
	Euroclear	Euroclear Sweden AB, (the Swedish Central Securities Depository and Clearing Organisation), company reg no 556112-8074;
	Listing	listing of shares in the Company on a stock exchange, regulated market, multilateral trading facility within the EEA area or other corresponding market place;
	Warrant Holder	a person registered in a Securities Account as the holder of a Warrant;
	Subscription	subscription of shares in the Company on exercise of Warrants in accordance with Chapter 14 of the Companies Act;
	Exercise Price	the price at which Subscription for new shares may take place on exercise of Warrants;
	Warrant	the right to subscribe for one newly issued share in the Company in exchange for payment in accordance with these terms and conditions;
	Warrant Certificate	a certificate which is linked to a certain number of warrants in accordance with these terms and conditions.

 

     

     

    

 

		2	Warrants and registration

 

The total number of Warrants amounts to not more
than 1,160,000. 

 

In the event the Company is a Central Securities
Depository Company, the board of directors of the Company shall be entitled to resolve that the Warrants be registered on a Securities
Account. In the event such resolution is adopted, no Warrant Certificates or other securities shall be issued. At the request of
the Company, Warrant Holders shall be obliged to surrender immediately to the Company or Euroclear any Warrant Certificates representing
Warrants and to provide the Company with the requisite details of the securities account on which the Warrant Holder’s Warrants
are to be registered. 

 

In the event the board of directors of the Company
adopts a resolution in accordance with the second paragraph above, subject to any applicable statutory or regulatory limitations,
the board of directors shall thereafter be at liberty to resolve that the Warrants are no longer to be registered on a Securities
Account.

 

		3	Right to subscribe for new shares

 

Each Warrant entitles the holder thereof to subscribe
for one new share in the Company at an Exercise Price of 160 per cent of the volume-weighted average price of the Company’s
share during the period of ten trading days falling immediately before the offer for subscription of the warrants. The Exercise
Price thus calculated shall be rounded off to the nearest whole SEK 0.10, whereupon SEK 0.05 shall be rounded downwards. The Exercise
Price will not be less than the quota value of the share (Sw. kvotvärde).

 

The Exercise Price and the number of shares for which each Warrant entitles the holder to subscribe may be recalculated in the
circumstances set out in section 8 below.

 

Subscription may only take place in respect
of the entire number of shares for which the total number of Warrants entitles the Warrant Holder to subscribe and which a single
Warrant Holder desires to exercise. On such Subscription, any excess fractions of Warrants which cannot be exercised shall be
disregarded.

 

		4	Application for Subscription

 

Application for Subscription of shares may take
place during the period commencing on 1 January 2022 and up to and including 31 March 2022, or such earlier date as may be determined
in accordance with section 8 below. If an application for Subscription is not submitted within the time stated above, the Warrant
shall lapse.

 

The following
shall apply in the event the Company is a Central Securities Depository Company and the Warrants are registered on a Central Securities
Depository Account. The Warrants may be exercised through a written application for Subscription to the Company or to the designated
Central Securities Depository Company. Applications for Subscription are binding and irrevocable.

 

In the event the
Company is not a Central Securities Depository Company or if the Warrants are not registered on a Central Securities Depository
Account, the Warrants may be exercised through a written application for Subscription to the Company, stating the number of Warrants
which are to be exercised. In conjunction with a Subscription, the Warrant Holder shall, where applicable, surrender corresponding
Warrant Certificates to the Company.

 

    2

     

    

 

		5	Payment for new shares

 

On application for Subscription, payment for
the number of shares which the application for Subscription covers shall be made simultaneously. Payment shall be made in cash
to a bank account designated by the Company.

 

		6	Registration in Securities Account and in the share register

 

Following payment for subscribed shares, Subscription
shall be effected through the registration of the new shares as interim shares in the Company’s share register and on the
respective Warrant Holder’s Securities Account. Following registration with the Swedish Companies Registration Office, the
registration of the new shares in the share register and on Securities Accounts will become definitive. According to section 8
below such registration might in certain circumstances be postponed.

 

		7	Dividends on new shares

 

Shares issued following Subscription shall entitle
the holders thereof to participate in the distribution of dividends for the first time on the record date that occurs immediately
following the Subscription.

 

		8	Recalculation of Exercise Price and the number of shares

 

The following provisions shall govern the rights
that vests in Warrant Holder in the events described below:

 

		A	Bonus issue

 

In the event of a bonus issue, where an application
for Subscription is submitted at such time that the allotment of shares cannot be made on or before the fifth weekday prior to
the general meeting which resolves to make the bonus issue, Subscription shall be effected only after the general meeting has
adopted a resolution approving the bonus issue. Shares which vest pursuant to Subscription effected after the adoption of a resolution
approving the bonus issue shall be registered in the Warrant Holder’s Securities Account as interim shares, and accordingly
such shares shall not entitle the holder thereof to participate in the bonus issue. Definitive registration in Securities Accounts
shall only take place after the record date for the bonus issue.

 

In conjunction with Subscription which is effected
after the adoption of a resolution to make a bonus issue, a recalculated Exercise Price as well as a recalculated number of shares
for which each Warrant entitles the Warrant Holder to subscribe shall be applied. The recalculation shall be carried out by the
Company in accordance with the following formula:

 

Recalculated Exercise Price = (previous Exercise Price) x (the number of shares in the Company prior to the bonus issue) / (the
number of shares in the Company after the bonus issue).

 

Recalculated number of shares for which each
Warrant entitles the Warrant Holder to subscribe = (previous number of shares for which each Warrant entitled the holder to subscribe)
x (the number of shares in the Company after the bonus issue) / (the number of shares in the Company prior to the bonus issue).

 

    3

     

    

 

The Exercise Price and the number of shares which each Warrant entitles the holder to subscribe for, recalculated as set out above,
shall be determined by the Company as soon as possible after the general meeting has adopted a resolution approving the bonus
issue.

 

		B	Reverse share split/share split

 

In the event the Company effects a reverse share
split or share split, the provisions of sub- section A above shall apply mutatis mutandis. The record date shall be deemed to be
the date on which the reverse share split or share split is carried out by Euroclear at the request of the Company.

 

		C	New issue

 

If the Company issues new shares subject to pre-emption
rights for shareholders to subscribe for new shares in exchange for cash payment or by set off, the following shall apply with
respect to the right to participate in the new issue for shareholders whose shares vest as a consequence of Subscription on exercise
of the Warrant:

 

		1.	If the board of directors of the Company has resolved to carry out a new issue conditional upon the approval of the general
meeting of the shareholders or pursuant to authorisation granted by the general meeting of the shareholders, the resolution of
the new issue shall state the last day on which Subscription must be effected in order to entitle the holders of the shares held
pursuant to Subscription according to these terms and conditions to participate in the new issue.

 

		2.	If the general meeting adopts a resolution to issue new shares, where an application for Subscription is submitted at such
time that it cannot be effected on or before the fifth weekday prior to the general meeting which shall resolve on the new issue,
Subscription shall only be effected following the adoption of a resolution with respect thereto by the general meeting. Shares
which vest as a consequence of such Subscription shall be registered in the Securities Account as interim shares, and accordingly
shall not entitle the holders to participate in the new issue. Definitive registration in Securities Accounts shall only take place
after the record date for the new issue.

 

Where Subscription is effected at such time that
no right to participate in the new issue arises, a recalculated Exercise Price as well as a recalculated number of shares for which
each Warrant entitles the holder to subscribe shall apply. Recalculations shall be made by the Company in accordance with the following
formulae:

 

Recalculated Exercise Price = (previous Exercise
Price) x (the average quoted price of the share during the subscription period stated in the resolution approving the issue ("average
price of the share")) / (the average price of the share increased by the theoretical value of the subscription right calculated
on the basis thereof).

 

Recalculated number of shares for which each
Warrant entitles the holder to subscribe = (previous number of shares for which each Warrant entitled the holder to subscribe)
x (the average price of the share increased by the theoretical value of the subscription right calculated on the basis thereof)
/ (the average price of the share).

 

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The average price of the share shall be deemed to be the equivalent of the average calculated mean value, for each trading day
during the subscription period, of the highest and lowest quoted paid price on that day according to the list on which the shares
are quoted. In the absence of a quoted paid price, the bid price shall form the basis for the calculation. Days on which neither
a paid price nor a bid price is quoted shall be excluded from the calculation.

 

The theoretical value of the subscription right
is calculated in accordance with the following formulae:

 

Theoretical value of subscription right = (the
maximum number of new shares which may be issued pursuant to the resolution approving the issue) x ((the average price of the
share) - (the issue price of the new share)) / (the number of shares prior to the adoption of the resolution approving the issue).

 

If this results in a negative value, the theoretical
value of the subscription right shall be deemed to be zero.

 

The Exercise Price and the number of shares for which each Warrant entitles the holder to subscribe, recalculated as set out above,
shall be determined by the Company two Business Days after the expiry of the subscription period and shall apply to each Subscription
effected thereafter.

 

If the Company’s shares at the time of
the resolution to issue the new share, are not subject to a Listing, a corresponding recalculation of the Exercise Price and the
number of shares for which each Warrant entitles the holder to subscribe shall take place. The recalculation, which shall be made
by the Company, shall be based on the assumption that the value of the Warrants shall remain unchanged.

 

During the period prior to the determination
of the recalculated Exercise Price and the recalculated number of shares for which each Warrant entitles the holder to subscribe,
Subscription shall only be effected on a preliminary basis, whereby the number of shares each Warrant entitles the holder to subscribe
for prior to recalculation shall be registered in the Securities Account on an interim basis. Definitive registration in Securities
Accounts shall be made following determination of the recalculated Exercise Price and the recalculated number of shares for which
each Warrant entitles the holder to subscribe.

 

		D	Issue of convertible bonds or warrants in accordance with Chapter 14 and 15 of the Companies Act

 

In the event the Company issues convertible
bonds or warrants, in both cases subject to pre-emption rights for the shareholders to subscribe for such equity related instrument
in exchange for cash payment or by set off, the provisions of sub-section C, first paragraph, sub-paragraphs 1 and 2 shall apply
mutatis mutandis in respect of the right to participate in the issue for any share which has been issued through Subscription.

 

Where Subscription is effected at such time
that no right to participate in the new issue arises, a recalculated Exercise Price as well as a recalculated number of shares
for which each Warrant entitles the holder to subscribe shall apply. Recalculations shall be made by the Company in accordance
with the following formulae:

 

    5

     

    

 

Recalculated Exercise Price = (previous Exercise
Price) x (the average quoted price of the share during the relevant period stated in the resolution approving the issue ("average
price of the share")) / (the average price of the share increased by the value of the subscription right).

Recalculated number of shares for which each Warrant entitles the holder to subscribe = (previous number of shares for which each
Warrant entitled the holder to subscribe) x (the average price of the share increased by the value of the subscription right) /
(the average price of the share).

 

The average price of the share shall be calculated
in accordance with the provisions of sub-section C above.

 

The value of the subscription right shall be deemed to be the equivalent of the average calculated mean value, for each trading
day during the subscription period, of the highest and lowest quoted paid price on that day according to list on which the subscription
rights are quoted. In the absence of a quoted paid price, the quoted bid price shall form the basis for the calculation. Days
on which neither a paid price nor a bid price is quoted shall be excluded from the calculation.

 

If the subscription rights are not subject to
a Listing, the value of the subscription right shall, to the greatest extent possible, be determined based upon the change in
the market value of the Company’s shares which may be deemed to have occurred as a consequence of the issue of the convertible
bonds or warrants.

 

The Exercise Price and the number of shares
for which each Warrant entitles the holder to subscribe, recalculated as set out above, shall be determined by the Company two
Business Days after the expiry of the subscription period and shall apply to each Subscription effected thereafter.

 

If the Company’s shares, at the time of
the resolution to issue the notes, are not subject to a Listing, a corresponding recalculation of the Exercise Price and the number
of shares for which each Warrant entitles the holder to subscribe shall take place. The recalculation, which shall be made by
the Company, shall be based on the assumption that the value of the Warrants shall remain unchanged.

 

Upon Subscription effected during the period
prior to the determination of the recalculated Exercise Price and the recalculated number of shares for which each Warrant entitles
the holder to subscribe, the terms and conditions in sub-section C paragraph 10 shall apply.

 

		E	Other offers to shareholders

 

Where the Company, in circumstances other than
those referred to in sub-sections A-D above, makes offers to the shareholders, subject to pre-emption rights for the shareholders
in accordance with the principles set out in Chapter 13, section 1 of the Companies Act, to acquire securities or rights of any
type from the Company or resolves, in accordance with the principles mentioned above, to distribute such securities or rights to
the shareholders without consideration, in conjunction with Subscription which is effected at such time that the shares thereby
received do not entitle the holder to participate in the offer, a recalculated Exercise Price as well as a recalculated number
of shares for which each Warrant entitles the holder to subscribe shall apply. Recalculations shall be made by the Company in accordance
with the following formulae:

 

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Recalculated Exercise Price = (previous Exercise
Price) x (the average quoted price of the share during the application period for the offer ("average price of the share"))
/ (the average price of the share increased by the value of the right to participate in the offer (“value of the purchase
right”).

 

Recalculated number of shares for which each
Warrant entitles the holder to subscribe = (previous number of shares for which each Warrant entitled the holder to subscribe)
x (the average price of the share increased by the value of the purchase right) / (the average price of the share).

 

The average price of the share shall be calculated
in accordance with the provisions of sub-section C above.

 

Where shareholders have received purchase rights
and trading in these has taken place, the value of the right to participate in the offer shall be deemed to be equivalent to the
value of the purchase rights. For this purpose, the value of the purchase right shall be deemed to be equivalent to the average
calculated mean value, for each trading day during the application period, of the highest and lowest quoted paid price during
the day according to list on which the purchase rights are quoted. In the absence of a quoted paid price, the quoted bid price
shall form the basis for the calculation. Days on which neither a paid price nor a bid price is quoted shall be excluded from
the calculation.

 

If the shareholders do not receive purchase
rights or where such trading in purchase rights as referred to in the preceding paragraph otherwise does not take place, the recalculation
of the Exercise Price shall be made as far as possible by applying the principles set out above in this sub-section E and the
following shall apply. Where listing of the securities or rights offered to the shareholders takes place, the value of the right
to participate in the offer shall be deemed to be equivalent to the average calculated mean value, for each trading day during
the period of 25 trading days calculated from the first day of listing, of the highest and lowest transaction prices quoted for
trades in such securities or rights reduced, where appropriate, by the consideration paid for these in conjunction with the offer.
In the absence of a quoted paid price, the quoted bid price shall form the basis for the calculation. Days on which neither a
paid price nor a bid price is quoted shall be excluded from the calculation of the value of the right to participate in the offer.
In the recalculation of the Exercise Price and the number of shares for which each Warrant entitles the holder to subscribe, the
period of 25 trading days referred to above shall be deemed to be the application period determined for the offer pursuant to
the first paragraph of this Section E.

 

Where no listing of such securities or rights
offered to the shareholders takes place, the value of the right to participate in the offer shall, to the greatest extent possible,
be determined based on the change in the market value of the Company’s shares which may be deemed to have occurred as a
consequence of the offer.

 

The Exercise Price and the number of shares
for which each Warrant entitles the holder to subscribe, recalculated in accordance with the above, shall be determined by the
Company as soon as possible after it becomes possible to calculate the value of the right to participate in the offer.

 

    7

     

    

 

If the Company’s shares, at the time of
the offer, are not subject to a Listing, a corresponding recalculation of the Exercise Price and the number of shares for which
each Warrant entitles the holder to subscribe shall take place. The recalculation, which shall be made by the Company, shall be
based on the assumption that the value of the Warrants shall remain unchanged.

 

Upon Subscription effected during the period
prior to the determination of the recalculated Exercise Price and the recalculated number of shares for which each Warrant entitles
the holder to subscribe, the terms and conditions in sub-section C paragraph 10 shall apply. 

 

		F	Equal treatment of Warrant Holders and shareholders

 

Where the Company issues new shares or makes
an issue pursuant to Chapters 14 or 15 of the Companies Act, with pre-emption rights for shareholders to subscribe for equity
related instruments in exchange for cash payment, the Company may grant all Warrant Holders the same pre-emption rights as the
shareholders. In conjunction therewith, each Warrant Holder, irrespective of whether subscription for shares has been made, shall
be deemed to be the owner of the number of shares which such Warrant Holder would have received, had Subscription on the basis
of the Warrant been effected in respect of the Exercise Price, and the number of shares for which each Warrant entitles the holder
to subscribe, in effect at the time of the resolution to issue the shares.

 

If the Company resolves to make an offer to
the shareholders as described in sub-section E above, what has been stated in the preceding paragraph shall apply mutatis mutandis.
However, the number of shares of which each warrant holder shall be deemed to be the owner shall, in such circumstances, be determined
on the basis of the Exercise Price, and the number of shares for which each Warrant entitles the holder to subscribe, in effect
at the time of the resolution to make the offer.

 

If the Company resolves to grant the warrant
holders pre-emption rights in accordance with the provisions set out in this sub-section F, no recalculation as set out in sub-sections
C, D, or E above of the Exercise Price and the number of shares for which each Warrant entitles the holder to subscribe for shall
be made.

 

		G	Dividend

 

If the Company resolves to pay a cash dividend
to shareholders resulting in that the shareholders receive dividends which, together with other dividends paid out during the same
financial year, exceed 5 per cent of the average price of the share during a period of 25 trading days immediately prior to the
day on which the board of directors in the Company publishes its intention to propose such dividend to the shareholders’
meeting, a recalculated Exercise Price and a recalculated number of shares shall be applied in connection with application for
subscription which occurs in such time that a share thereby received does not provide a right to receipt of such dividend. The
recalculations shall be based on the part of the aggregate dividend amount which exceeds 3 per cent of the average price of the
share during the abovementioned period (extraordinary dividend). The recalculations shall be made by the Company in accordance
with the following formulae: 

 

    8

     

    

 

Recalculated Exercise Price = (previous Exercise
Price) x (the average quoted price of the share during a period of 25 trading days calculated from the day on which the share is
listed without any right to the extraordinary dividend (the “average price of the share”)) /(the average price of the
share increased by the extraordinary dividend paid out per share) .

 

Recalculated number of shares for which each
warrant entitles the holder to subscribe = (previous number of shares for which each warrant entitles the holder to subscribe)
x (the average price of the share increased by the extraordinary dividend paid out per share) / (the average price of the share).

 

The average price of the share shall be calculated
in accordance with the provisions set out in sub-section C above. 

 

The Exercise Price and number of shares, recalculated
as set out above, shall be determined by the Company two business days after the expiry of the above-mentioned period of 25 trading
days and shall apply to each subscription effected thereafter. 

 

During the period prior to the determination
of the recalculated Exercise Price and the recalculated number of shares, Subscription shall be effected in accordance with the
provisions in sub-section C last section above. 

 

		H	Reduction of share capital

 

If the Company’s share capital is reduced
though a repayment to the shareholders, and such reduction is compulsory, a recalculated Exercise Price and a recalculated number
of shares for which each Warrant entitles the holder to subscribe, shall be applied.

 

The recalculations shall be made by the Company
in accordance with the following formulae:

 

Recalculated Exercise Price = (previous Exercise
Price) x (the average quoted price of the share during a period of 25 trading days calculated from the day on which the share
is listed without any right to participate in the distribution (the “average price of the share”)) /(the average price
of the share increased by the amount repaid per share).

 

Recalculated number of shares for which each
Warrant entitles the holder to subscribe = (previous number of shares for which each Warrant entitled the holder to subscribe)
x (the average price of the share increased by the amount repaid per share) / (the average price of the share).

 

The average price of the share is calculated
in accordance with the provisions set out in sub-section C above.

 

In carrying out the recalculations according
to the above and where the reduction is made through redemption of shares, instead of using the actual amount which is repaid
for each share, an amount calculated as follows shall be applied:

 

Calculated amount to be repaid for each share = (the actual amount repaid for each redeemed share reduced by the average market
price of the share during a period of 25 trading days immediately prior to the day on which the share is listed without any right
to participate in the reduction (the “average price of the share”)) / (the number of shares of the Company which carry
an entitlement to the redemption of one share, reduced by 1).

 

    9

     

    

 

The average exchange price is calculated in
accordance with the provisions set out in sub-section C above.

 

The Exercise Price and number of shares for
which each Warrant entitles the holder to subscribe, recalculated as set out above, shall be determined by the Company two Business
Days after the expiry of the above-mentioned period of 25 trading days, and shall apply to each Subscription effected thereafter.

 

During the period prior to the determination
of the recalculated Exercise Price and the recalculated number of shares, Subscription shall be effected in accordance with the
provisions in sub-section C last section above.

 

If the Company’s share capital is reduced
through redemption of shares with repayment to the shareholders, where such reduction is not compulsory, but where, in the opinion
of the Company, the reduction, due to its technical structure and its financial effects, is equivalent to a compulsory reduction,
the recalculation of the Exercise Price and the number of shares for which each Warrant entitles the holder to subscribe shall
be made, to the greatest extent possible, in accordance with the principles stated above in this sub-section H.

 

If the Company’s shares, at the time of the reduction of the share capital, are not subject to a Listing, a corresponding
recalculation of the Exercise Price and the number of shares for which each Warrant entitles the holder to subscribe shall take
place. The recalculation, which shall be made by the Company, shall be based on the assumption that the value of the Warrants
shall remain unchanged.

 

		I	Recalculation shall give a reasonable result

 

Should the Company take actions such as those
stated in sub-sections A-E, G or H above and if, in the Company’s opinion, application of the recalculation formula established
for such action, taking into account the technical framework of such action or for other reasons, could not be made or would result
in the Warrant Holders receiving, in relation to the shareholders, economic compensation that is not reasonable, the Company shall,
subject to prior written approval by the board of directors of the Company, make the recalculation of the Exercise Price, and the
number of shares for which each Warrant entitles the holder to subscribe, in such a manner as the Company determines is appropriate
to ensure that the recalculation gives a reasonable result.

 

		J	Rounding off

 

On recalculation of the Exercise Price in accordance
with the above, the Exercise Price shall be rounded off to the nearest SEK 0.10, for which purposes SEK 0.05 shall be rounded downwards
and the number of shares shall be rounded off to two decimal places.

 

    10

     

    

 

		K	Mergers according to Chapter 23, section 15 of the Companies Act

 

In the event the general meeting approves a merger
plan in accordance with Chapter 23, section 15 of the Companies Act, pursuant to which the Company is to be merged into another
company, applications for Subscription may not thereafter be made.

 

Not later than one month prior to a final determination
by the Company in respect of a merger as set forth above, notice shall be given to Warrant Holders in accordance with section
11 below in respect of the proposed merger. Such notice shall include the main aspects of the proposed merger plan and a reminder
that applications for Subscription may not be made following a final decision regarding the merger in accordance with the provisions
set forth in the preceding paragraph.

 

In the event the Company gives notice regarding a proposed merger in accordance with the above, each Warrant Holder, irrespective
of that which is set forth in section 4 above regarding the earliest time at which applications for Subscription may be made,
shall be entitled to apply for Subscription commencing on the date on which notice is given regarding the proposed merger, provided
that it is possible to effect Subscription not later than the fifth weekday prior to the general meeting at which the merger plan,
pursuant to which the Company is to be merged into another company, is to be approved.

 

		L	Mergers according to Chapter 23, Section 28 of the Companies Act

 

If the Company draws up a merger plan in accordance
with Chapter 23, Section 28 of the Companies Act, the following shall apply.

 

If the parent company holds all Shares
in the Company and the board of directors of the Company announces its intention to draw up a merger plan according the provisions
of Chapter 23, Section 28 of the Companies Act, then the Company if the last date for Subscription according to section 4 above
occurs after such announcement, shall determine a new last date for notification of Subscription (the final date). The final date
shall occur within 60 days from the announcement.

 

If a shareholder (the majority shareholder)
alone, or jointly with subsidiaries, holds a sufficient portion of all Shares in the Company entitling the majority shareholder
the right to initiate compulsory acquisition according to applicable laws of the remaining Shares in the Company and if the majority
shareholder announces its intention to initiate compulsory acquisition, the preceding sub-paragraph shall apply. 

 

In the event the announcement has been made
in accordance with what is stated in this sub-section L, shall - irrespective of what is stated in section 3 above regarding the
earliest date for notification of Subscription – the Warrant Holder be entitled to make such notification up to the final
date. The Company shall not later than four weeks prior to the final date by notification according to section 11 below remind
the Warrant Holder of such right and that notification of Subscription is not permitted after the final date.

 

		M	Division

 

Where the general meeting adopts a resolution
to approve a division plan pursuant to Chapter 24, section 17 of the Companies Act, pursuant to which a proportion of the assets
and liabilities of the Company are taken over by two or more other companies, a recalculated Exercise Price and a recalculated
number of shares for which each Warrant entitles the Warrant Holder to subscribe shall be calculated. The provisions of sub-section
G regarding Dividend shall then apply mutatis mutandis. The recalculation shall be based on the proportion of the assets and liabilities
of the Company that are taken over by the transferee company or companies.

 

    11

     

    

 

Where all assets and liabilities of the companies
are taken over by two or more other companies, on paying consideration to the shareholders of the Company, the provisions of sub-section
M below regarding liquidation shall apply mutatis mutandis. Inter alia, this means that the right to demand Subscription shall
terminate simultaneously with the registration in accordance with Chapter 24, section 27 of the Companies Act and that the Warrant
Holder shall be notified no later than four weeks before the division plan shall be submitted for approval to the general meeting.

 

		N	Liquidation

 

If it is resolved that the Company be put into
liquidation, for whatever reason, Subscription may not take place thereafter. The right to demand Subscription shall terminate
simultaneously with the adoption of the resolution to put the Company in liquidation, irrespective of whether such resolution
has become final.

 

Not later than four weeks prior to the adoption of a resolution by a general meeting in respect of whether or not the Company
should be put into liquidation in accordance with Chapter 25 of the Companies Act, the Warrant Holders shall be notified with
respect to the planned liquidation in accordance with section 10 below. The notice shall state that subscription may not take
place following the adoption of the resolution in respect of liquidation.

 

If the Company gives notice of a planned liquidation
pursuant to the above, the Warrant Holders shall, notwithstanding the provisions of section 4 in respect of the earliest date
for application for Subscription, be entitled to apply for Subscription commencing on the day on which the notice is given, provided
that Subscription may be effected not later than prior to the general meeting at which the resolution regarding the liquidation
of the Company shall be addressed.

 

Notwithstanding the provisions above pursuant
to which Subscription may not take place after the adoption of a resolution regarding liquidation, the right to subscribe shall
be reinstated in the event the liquidation is not carried out.

 

		O	Insolvent liquidation

 

If the Company is put into insolvent liquidation,
Subscription may not take place through the exercise of Warrants. Where, however, the decision to put the Company into insolvent
liquidation is set aside by a higher court, subscription rights shall be reinstated.

 

		P	Change of Control

 

In the event a shareholder, as a result of a
public takeover according to the Act (2006:451) on public takeover on the stock market, or any other type of transaction, directly
or indirectly, holds more than 50 percent in the Company (”Change of Control Event”), each Warrant Holder, irrespective
of that which is set forth in section 4 above regarding the earliest time at which applications for Subscription may be made, shall
be entitled to apply for Subscription commencing on the date on which disclosure is made by the shareholder regarding the Change
of Control Event.

 

    12

     

    

 

		9	Special undertaking by the Company

 

The Company undertakes not to take any measures
set forth in section 8 above that would result in an adjustment of the Exercise Price to an amount less than the from time to time
prevailing quota value of the Share.

 

		10	Nominees

 

According to Chapter 3 section 7 of the Central
Securities Depositories and Financial Instruments Accounts Act (1998:1479), a legal entity shall be entitled to be registered as
nominee. Such a nominee shall be regarded as a Warrant Holder for the purposes of the application of these terms and conditions.

 

		11	Notices

 

Notices concerning the Warrants shall be sent
to a Warrant Holder to the email address notified in writing to the Company or board of directors (or such other email or postal
address that the Company is aware of). 

 

		12	Right to represent Warrant Holders

 

The Bank shall be entitled to represent Warrant
Holders in matters of a formal nature concerning the Warrants without special authorisation from the Warrant Holders.

 

		13	Amendments to terms and conditions

 

The Company’s board of directors shall
be entitled to amend the terms and conditions of the Warrants to the extent required by legislation, decisions of courts of law
or decisions of governmental authorities or where otherwise, in the Company's opinion, such is necessary or expedient for practical
reasons and provided that the rights of the Warrant Holders are in no way prejudiced.

 

		14	Confidentiality

 

The Company and
Euroclear may not, without authorisation, disclose information regarding the Warrant Holders to any third party. The Company shall
have access to information contained in the register of warrants held by Euroclear which sets out the persons registered as holders
of Warrants.

 

		15	Limitation of liability

 

In respect of measures which it is incumbent
on the Company, Euroclear or the Bank to take in accordance with the terms and conditions of the Warrants, taking into consideration
the provisions of the Central Securities Depositories and Financial Instruments Accounts Act (1998:1479), neither the Company,
Euroclear nor the Bank shall be liable for loss which arises as a consequence of Swedish or foreign legislation, the actions of
Swedish or foreign governmental authorities, acts of war, strikes, blockades, boycotts, lockouts, or other similar circumstances.
The reservation in respect of strikes, blockade, boycotts, and lockouts shall apply notwithstanding that the Company, Euroclear
or the Bank is itself the subject of, or effects, such measures.

 

    13

     

    

 

Nor shall Euroclear be liable for loss which
arises under other circumstances provided Euroclear has duly exercised normal caution. The Company and the Bank shall also enjoy
a corresponding limitation of liability. In addition, under no circumstances shall the Company or the Bank be liable for indirect
loss.

 

If the Company, Euroclear or the Bank is unable
to perform its obligations as a consequence of a circumstance specified in the first paragraph, such performance may be postponed
until such time as the cause for the impediment has terminated.

 

		16	Applicable law and forum

 

These terms and conditions and any related legal
matters shall be governed by Swedish law. Legal proceedings relating to these terms and conditions shall be brought before the
Stockholm District Court or such other forum as is accepted in writing by the Company.

 

    14

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