Document:

Exhibit 10.7

 

 

STRICTLY CONFIDENTIAL

 

Agreement
on restricted share unitS

 

	Between      	Zealand Pharma A/S
	 	 
	 	Sydmarken 11
	 	 
	 	DK-2860 Søborg
	 	 
	 	Denmark
	 	 
	and              	[Name]
	 	 
	 	[Address]
	 	 
	 	(the "Participant")

 

     

     

    

 

TABLE OF CONTENTS

 

	1	Purpose	3
	 	 	 
	2	grant of rsus	3
	 	 	 
	3	Vesting of RSUs	3
	 	 	 
	4	ordinary delivery of shares	3
	 	 	 
	5	EXTRAORDINARY VESTING AND DELIVERY OF SHARES BASED ON RSUs CONSIDERED VESTEd	4
	 	 	 
	6	termination of office	4
	 	 	 
	7	HOlding requirement	4
	 	 	 
	8	Tax Implications	4
	 	 	 
	9	CHANGES IN THE COMPANY ́S CAPITAL AND DIVIDEND	5
	 	 	 
	10	CASH SETTLEMENT	5
	 	 	 
	11	Other terms and conditions	5
	 	 	 
	12	Data protection	5
	 	 	 
	13	Governing Law and Venue	6
	 	 	 
	14	Acceptance of the terms	6

 

    2

     

    

 

This Agreement (the "Agreement")
on Restricted Share Units is entered into on April 29, 2021 between:

 

		(1)	Zealand Pharma A/S, CVR no. 20 04 50 78, Sydmarken 11, DK-2860 Søborg, Denmark (the "Company")
and

 

		(2)	the person who has accepted this Agreement, thereby becoming a holder of Restricted Share Units (the “Participant”)

 

- the Company and the Participant hereinafter
collectively referred to as the "Parties" and separately as a "Party"

 

		1	Purpose

 

		1.1	The purpose of this Agreement is to attract, retain and motivate the Participant by creating a common
interest in the Company’s growth and the development of the share price. By offering RSUs (as defined below), the Company also wants
to ensure the maximization of shareholder value of the Company.

 

		1.2	This Agreement is entered into by the Parties as part of the Company's grants of Restricted Share Units
to the Company's Board of Directors (the "Board"), the Executive Management, and all employees (the "RSU Grants
2021").

 

		1.3	It is underlined that the Participant - in relation to the Company - shall in the capacity as member of
the Board be regarded as independent and not as an employee of the Company. Therefore, the member in question will not in relation
to the Company be covered by the Danish Salaried Employees Act, the Danish Holiday Act, the Danish Employment Contracts Act or other legislation
governing the legal relationship between employer and employee.

 

		1.4	The Agreement is subject to the Company's Remuneration Policy as adopted by the general meeting at the
Company's annual general meeting held on April 15, 2021.

 

		2	grant of rsus

 

		2.1	The Participant is granted [●] Restricted Share Units in the Company free of charge (the "RSUs").

 

		2.2	Each RSU entitles the Participant to receive one (1) share of nominally DKK 1 in the Company provided
the vesting condition set out in Clause 3.3 is met (continued membership of the Board).

 

		2.3	It is a condition for the grant of RSUs as set out in this Agreement that the Participant is member of
the Board at the date of this Agreement.

 

		2.4	The grant of RSUs under this Agreement does not entitle the Participant to future grants or participation
in future reward plans.

 

		3	Vesting of RSUs

 

		3.1	The RSUs vest on the date of the Company's annual general meeting 2022 (the "Vesting Period").

 

		3.2	The RSUs are not subject to any performance targets.

 

		3.3	For the RSUs to vest, the Participant must have been a member of the Board throughout the entire Vesting
Period.

 

		4	ordinary delivery of shares

 

		4.1	Subject to the Participant's continued membership of the Board, shares will automatically be delivered
by the Company to the Participant at the first open trading window, as set out in the internal rules of the Company, following the
expiry of the Vesting Period.

 

		4.2	It is a precondition for the Company's transfer of shares to the Participant that the Participant opens
a a Danish VP account. Any costs arising from such securities account shall be borne by the Participant.

 

		4.3	Shares shall be delivered by the Company free of charge.

 

    3

     

    

 

		4.4	Costs related to the transfer of shares to the Participant’s account will be borne by the Company.

 

		4.5	Any sale of shares received by a Participant under this Agreement is subject to the provisions on insider
trading applicable at any time.

 

		5	EXTRAORDINARY VESTING AND DELIVERY OF SHARES BASED ON RSUs
CONSIDERED VESTEd

 

		5.1	In addition to the ordinary delivery of shares as set out in Clause 4, if a decision is made by the Board
effective to all participants under the RSU Grants 2021, whereas the Board at any time during the Vesting Period may decide that the Company
extraordinarily shall deliver shares based on RSUs to the Participant, such decision shall apply mutatis mutandis to this Agreement. The
Board may decide so including, but not limited to, in connection with extraordinary events such as liquidation of the Company, the general
meeting of the Company passes a resolution to merge or demerge the Company, significant divestments, a voluntary or mandatory public offer
is made, a compulsory acquisition of the Company's shares pursuant to the Danish Companies Act, delisting of the Company, etc.

 

		6	termination of office

 

		6.1	If the Participant ceases to be a member of the Board in the Company during the Vesting Period - regardless
of the reason - all the Participant's RSUs received as compensation for such Board membership shall automatically and without further
notice or compensation lapse and become null and void. For the avoidance of doubt, if the Participant leaves the Board at the annual general
meeting 2022 where the RSUs vest, the RSUs shall be considered vested.

 

		6.2	If the Participant has received RSUs as compensation for a Committee membership, and ceases to be a member
of such Committee during the Vesting Period - regardless of the reason - all the Participant's RSUs relating to such Committee membership
shall automatically and without further notice or compensation lapse and become null and void. For the avoidance of doubt, if the Participant
leaves the Committee at the annual general meeting 2022 where the RSUs vest, the RSUs shall be considered vested.

 

		7	HOlding requirement

 

		7.1	In accordance with the Company's Remuneration Policy, the Participant shall be subject to a holding requirement
equal to an amount of DKK 300,000. With respect to the Participant:

 

		·	the holding requirement shall be met within a
period of 5 years from the date of the general meeting at which the Company's remuneration policy was approved. Until the holding requirement
is met, the Participant shall refrain from disposing their shares awarded on the basis of RSUs, apart from disposals in order to satisfy
their income tax liabilities arising from the grant of RSUs under the Company's Remuneration Policy as adopted by the general meeting
at the Company's annual general meeting held on 15 April 2021.

 

		·	can include all shares that are held by the Participant
prior to the date of signature of this Agreement.

 

		8	Tax Implications

 

		8.1	The tax implications related to the RSUs are a personal matter for the Participant. The Participant is
encouraged to seek advice from a public accountant or another tax consultant at their own expense.

 

		8.2	In the event that, as a consequence of the allotment of RSUs or the delivery of shares, the Company becomes
obliged to pay any taxes, social security contributions or any other taxes or contributions, the Company reserves the right to postpone
or prohibit delivery of the shares until such time as the Participant shall have paid to the Company, the relevant amount of such taxes,
social security contributions or any other taxes or contributions. The Company reserves the right to (i) deduct the amount of such
taxes, social security contributions or other taxes or contributions from the salary payable to the Participant, or (ii) to dispose
all of or part of the shares in order to satisfy the Participant's obligations.

 

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		9	CHANGES IN THE COMPANY ́S CAPITAL AND DIVIDEND

 

		9.1	If the Company issues new shares, warrants, convertible bonds etc. that give the holder the right to subscribe
for new shares in the Company; reduces or increases its share capital to any other price than the market price; merges as the surviving
company; changes the nominal value of the shares; issues bonus shares or pays dividend, the number of RSUs shall not be adjusted. However,
if the Board has made a decision to adjust the number of RSUs effective to all participants under the RSU Grants 2021, such decision shall
apply mutatis mutandis to this Agreement. When calculating an adjustment, if any, the amount is to be rounded down to the next whole number
of RSUs. Any adjustment of the number of RSUs under this Clause 9.1 cannot exceed a total number of 8,000 RSUs to the Participant.

 

		9.2	If the Board decides to adjust the number of RSUs subject to Clause 9.1, the Company shall ask its auditor
or an independent third party appointed by the Company to calculate whether the number of RSUs shall be adjusted and, if so, the adjustment
to be made. The result of the calculation will be forwarded to the Company and then to the Participant. The auditor's or the other independent
third party's calculation is final and binding on the Company and the Participant. The costs to the auditor or independent third party
shall be paid by the Company.

 

		9.3	If the Company pays any dividend, the number of RSUs is not to be adjusted unless otherwise generally
decided under the RSU Grants 2021, which will then apply mutatis mutandis to this Agreement.

 

		9.4	Until the shares have been delivered to the Participant pursuant to Clause 4, the Participant shall not
have any right based on the Participant's holding of RSUs to vote at shareholders' general meetings of the Company, nor any right to receive
dividends in respect of the RSUs.

 

		10	CASH SETTLEMENT

 

		10.1	If the Participant acquires the right to receive shares based on vested RSUs, the Company may decide to
make the settlement in cash instead of delivering shares.

 

		10.2	If the Company decides to settle in cash, the value of each share shall be determined based on the average
closing share price of the shares for the three-day trading period following the latest open trading window prior to the latest date on
which shares should have been delivered to the Participant.

 

		11	Other terms and conditions

 

		11.1	The RSUs are a personal right that cannot be assigned, pledged or used as payment to the Participant's
creditors.

 

To the extent any provisions in this
Agreement entitle the Board with certain rights or powers, the Board must utilize those rights or powers in such way that the Board is
treated equally compared to the other participants under the RSU Grants 2021.

 

		11.2	In one or several periods the Company may suspend or change the granting of RSUs and/or the delivery of
shares if the Company deems it necessary in order for the Company or its subsidiaries to comply with relevant Danish and foreign legislation
and administrative rules and regulations. If due to the suspension, the RSUs and/or the shares cannot be granted/delivered, the granting/delivery
will take place as soon as possible.

 

		11.3	Should any provision of this Agreement be or become invalid in whole or in part, this shall not affect
the validity of the remaining provisions of the Agreement. The invalid provision shall be replaced by a provision permitted by statute
which most closely approximates the intended economic result of the invalid provision.

 

		12	Data protection

 

		12.1	In accordance with the General Data Protection Regulation, the Participant is hereby informed that the
personal data relating to the Participant's name, contact details, holding of RSUs and shares and remuneration will be processed to administer
the RSUs, to ensure fulfillment of the Company’s contractual obligations toward the Participant, and to comply with applicable laws,
regulations and court orders. The personal data will further be transferred to the online administration platform provider or to public
authorities to the extent required in connection with the allocation or administration of the RSUs. More comprehensive information about
the processing of the Participant’s personal data, including the Participant’s rights with respect to such processing, can
be found on the Company’s intranet.

 

    5

     

    

 

		13	Governing Law and Venue

 

		13.1	The construction, validity and performance of this Agreement shall be governed by and construed in accordance
with the laws of Denmark without regard to conflicts of laws principles.

 

		13.2	Any dispute, controversy or claim arising out of or relating to this Agreement, or its breach, termination
or validity shall be settled by the Danish courts according to Danish law, unless the Company decides to settle the dispute by arbitration.
Should the Company decide to do so, such dispute shall be finally settled by arbitration in accordance with the Rules of Procedure
of the Danish Institute of Arbitration. The place of the arbitration shall be Copenhagen, Denmark and the language of the proceedings
shall be English, unless otherwise agreed. If more than one Participant becomes subject to arbitration proceedings, fully or partly due
to the same set of factual circumstances, such parties agree that the cases can be dealt with jointly by one arbitration tribunal. The
arbitration tribunal shall decide the distribution of costs connected with the arbitration case. The existence of an arbitration case
as well as any ruling made by the arbitration tribunal shall be kept in strict confidence.

 

		14	Acceptance of the terms

 

		14.1	By signing this Agreement electronically, the Participant agrees, accepts and is aware of the provisions
as set forth in this Agreement.

 

 

	
    

    By
	 
	 
	
    By
	 

 

	
    Name: Martin Nicklasson

     

    Title: Chairman of the Board of Directors
	 
	Name: 

 

    6Exhibit 10.8

 

 

Acceptance
Of Restricted Stock Units Award

 

	Submit	Deadline	Status	Award
    Status
	N/A	05-Jun-2021
    17:00 (UTC+01:00)	Pending	Active

 

Congratulations!

 

You are hereby invited
to participate in Zealand’s 2021 RSU plan for employees in the United States, and receive an Award of Restricted Stock Units, subject
to the terms and conditions as set out below in the Award Agreement.

 

Award
Details

 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

Vesting
Details

 

	 	 	 	 
	 	 	 	 
	 	 	 	 

 

     

     

    

 

Award Agreement

 

2021 RESTRICTED STOCK UNIT PLAN

 

for EMPLOYEES in the United States

 

This agreement (the "Award Agreement")
on Restricted Share Units is entered into on May 12, 2021 between:

 

		(1)	Zealand Pharma A/S, CVR no. 20 04 50 78, Sydmarken 11, DK-2860 Søborg, Denmark (the "Company")
and

 

		(2)	the person who has accepted this Award Agreement, thereby becoming a holder of Restricted Share Units
(the “Participant”)

 

- the Company and the Participant hereinafter
collectively referred to as the "Parties" and separately as a "Party"

 

		1	Purpose

 

		1.1	The purpose of this Award Agreement is to attract, retain and motivate the Participant by creating a common
interest in the Company’s growth and the development of the share price. By offering RSUs (as defined below), the Board of Directors
of the Company (the “Board”) also wants to reward all employees for dedicated and focused results supporting the Company’s
long-term development and growth.

 

		2	Award of rsus

 

		2.1	The Participant is awarded Restricted Stock Units in the Company free of charge (the "RSUs").

 

		2.2	The number of awarded RSUs is stated in the Award Details above.

 

		2.3	Each RSU entitles the Participant to receive one (1) share of nominally DKK 1 in the Company provided
the vesting condition set out in Clause 3.2 is met (continued employment during the Vesting Period).

 

		2.4	It is a condition for the award of RSUs as set out in this Award Agreement that the Participant has entered
into an employment contract with the Company or a subsidiary of the Company (the "Employer"), and not under notice, at
the date of this Award Agreement.

 

		2.5	The award of RSUs under this Award Agreement does not entitle the Participant to future awards or participation
in future reward plans.

 

		3	Vesting of RSUs

 

		3.1	The RSUs vest in equal tranches over three years after the date of award, with 1/3 of the RSUs vesting
each year. This means that the first 1/3 of the RSUs will vest on May 12, 2022, the second 1/3 will vest on May 12, 2023 and
the final 1/3 on May 12, 2024. The date on which the RSUs vest is referred to as the "Vesting Date". RSUs are not
subject to any performance targets. The period from the award date until the Vesting Date is referred to as the "Vesting Period".

 

		3.2	For the RSUs to vest, the Participant must be employed by the Employer throughout the Vesting Period until
and including the Vesting Date and must not be under notice of termination.

 

		4	ordinary delivery of shares Based on RSUs

 

		4.1	Subject to the Participant's continued employment, shares will automatically be delivered by the Company
to the Participant at the first open trading window, as set out in the internal rules of the Company, following the expiry of each
Vesting Date. Delivery will take place as soon as reasonably practicable following the first date on which the company anticipates or
reasonably should anticipate that delivery of the shares will not cause a violation of Federal securities laws or other applicable law.

 

    2

     

    

 

		4.2	It is a precondition for the Company's transfer of shares to the Participant that the Participant opens
a securities account with a Danish bank. Any costs arising from such securities account shall be borne by the Participant.

 

		4.3	Shares shall be delivered by the Company free of charge

 

		4.4	Costs related to the transfer of shares to the Participant’s account will be borne by the Company.

 

		4.5	Any sale of shares received by a Participant under this Award Agreement is subject to the provisions on
insider trading applicable at any time.

 

		5	EXTRAORDINARY VESTING AND DELIVERY OF SHARES BASED ON RSUs
CONSIDERED VESTEd

 

		5.1	In addition to the ordinary delivery of shares as set out in Clause 4, the Board may, at their sole discretion,
at any time during the Vesting Period decide that the Company extraordinarily shall deliver shares based on RSUs to the Participant. The
Board may decide so including, but not limited to, in connection with extraordinary events such as liquidation of the Company, the general
meeting of the Company passes a resolution to merge or demerge the Company, significant divestments, a voluntary or mandatory public offer
is made, a compulsory acquisition of the Company's shares pursuant to the Danish Companies Act, delisting of the Company, etc.

 

		6	termination of employment

 

		6.1	If the Participant ceases to be employed by the Employer - regardless of the reason - all the Participant's
RSUs that have not vested at the time where the notice of termination was served (regardless of the date of expiry of the employment relationship)
shall automatically and without further notice or compensation lapse and become null and void.

 

		7	Claw-back

 

		7.1	If the RSUs have been awarded or vested based on data which turns out to have been falsified, or materially
or manifestly misstated, the Company shall be entitled to:

 

		(i)	cancel RSUs obtained by the Participant in relation to the incorrect information or figures, and

 

		(ii)	reclaim from the Participant, in full or in part, any undue value of shares in the Company delivered.

 

		7.2	If any amount reclaimed is not settled within 14 days after the Company's written demand to the Participant,
the Company may set off any amounts repayable pursuant to Clause 7.1 against any outstanding or future amounts owed by the Company to
the Participant, including any salary payments or other remuneration.

 

		8	Tax Implications

 

		8.1	The tax implications related to the RSUs are a personal matter for the Participant. The Participant is
encouraged to seek advice from a public accountant or another tax consultant at their own expense.

 

		8.2	In the event that, as a consequence of the allotment of RSUs or the delivery of shares, the Company or
the Employer becomes obliged to pay any taxes, social security contributions or any other taxes or contributions, the Company reserves
the right to postpone or prohibit delivery of the shares until such time as the Participant shall have paid to the Company or to the Employer,
the relevant amount of such taxes, social security contributions or any other taxes or contributions. The Company or, as applicable, the
relevant Employer reserves the right to (i) deduct the amount of such taxes, social security contributions or other taxes or contributions
from the salary payable to the Participant, or (ii) to dispose all of or part of the shares in order to satisfy the Participant's
obligations.

 

    3

     

    

 

		9	CHANGES IN THE COMPANY ́S CAPITAL AND DIVIDEND

 

		9.1	If the Company issues new shares, warrants, convertible bonds etc. that give the holder the right to subscribe
for new shares in the Company; reduces or increases its share capital to any other price than the market price; merges as the surviving
company; changes the nominal value of the shares; issues bonus shares or pays dividend, the number of RSUs shall not be adjusted. However,
the Board may decide to adjust the number of RSUs. When calculating an adjustment, if any, the amount is to be rounded down to the next
whole number of RSUs.

 

		9.2	If the Board decides to adjust the number of RSUs, The Company shall ask its auditor or an independent
third party appointed by the Company to calculate whether the number of RSUs shall be adjusted and, if so, the adjustment to be made.
The result of the calculation will be forwarded to the Company and then to the Participant. The auditor's or the other independent third
party's calculation is final and binding on the Company and the Participant. The costs to the auditor or independent third party shall
be paid by the Company.

 

		9.3	If the Company pays any dividend, the number of RSUs is not to be adjusted unless otherwise decided by
the Board at its sole discretion.

 

		9.4	During the Vesting Period, the Participant shall not have any right based on the Participant's holding
of RSUs to vote at shareholders' general meetings of the Company, nor any right to receive dividends in respect of the RSUs.

 

		10	CASH SETTLEMENT

 

		10.1	If the Participant acquires the right to receive shares based on vested RSUs, the Company may decide to
make the settlement in cash instead of delivering shares.

 

		10.2	If the Company decides to settle in cash, the value of each share shall shall be determined based on the
average closing share price of the shares for the three-day trading period following the latest open trading window prior to the latest
date on which shares should have been delivered to the Participant.

 

		10.3	If the Company decides to make the settlement in cash instead of delivering shares, the Company must inform
the Employer hereof no later than on the date when the Company was to deliver the shares.

 

		11	Other terms and conditions

 

		11.1	The RSUs are a personal right that cannot be assigned, pledged or used as payment to the Participant's
creditors.

 

		11.2	In addition to the specific provisions in this Award Agreement entitling the Board to make adjustments
or changes to the award of RSUs, the Board is entitled to amend the Award Agreement, effective for all RSUs awarded or vested, at the
Board’s sole discretion.

 

		11.3	The RSUs and the shares or the value of such shares is not to be included in calculations based on the
Participant's salary, including any pension contributions, severance payment, any other agreed or compulsory compensation or damages etc.,
just as holiday pay or holiday allowance is not to be calculated on the basis of the value of any RSUs or shares.

 

		11.4	In one or several periods the Company may suspend or change the awarding of RSUs and/or the delivery of
shares if the Company deems it necessary in order for the Company or its subsidiaries to comply with relevant Danish and foreign legislation
and administrative rules and regulations. If due to the suspension, the RSUs and/or the shares cannot be awarded/delivered, the awarding/delivery
will take place as soon as possible.

 

		11.5	Should any provision of this Award Agreement be or become invalid in whole or in part, this shall not
affect the validity of the remaining provisions of the Award Agreement. The invalid provision shall be replaced by a provision permitted
by statute which most closely approximates the intended economic result of the invalid provision.

 

    4

     

    

 

		12	Data protection

 

		12.1	In accordance with the General Data Protection Regulation, the Participant is hereby informed that the
personal data relating to the Participant's name, contact details, holding of RSUs and shares and salary will be processed to administer
the RSUs, to ensure fulfillment of the Company’s contractual obligations toward the Participant, and to comply with applicable laws,
regulations and court orders. The personal data will further be transferred from the Employer where the Participant is employed to other
employers, to the online administration platform provider or to public authorities to the extent required in connection with the allocation
or administration of the RSUs. More comprehensive information about the processing of the Participant’s personal data, including
the Participant’s rights with respect to such processing, can be found on the Company’s intranet.

 

		13	Governing Law and Venue

 

		13.1	The construction, validity and performance of this Award Agreement shall be governed by and construed
in accordance with the laws of Denmark without regard to conflicts of laws principles.

 

		13.2	Any dispute, controversy or claim arising out of or relating to this Award Agreement, or its breach, termination
or validity shall be settled by the Danish courts according to Danish law, unless the Company decides to settle the dispute by arbitration.
Should the Company decide to do so, such dispute shall be finally settled by arbitration in accordance with the Rules of Procedure
of the Danish Institute of Arbitration. The place of the arbitration shall be Copenhagen, Denmark and the language of the proceedings
shall be English, unless otherwise agreed. If more than one Participant becomes subject to arbitration proceedings, fully or partly due
to the same set of factual circumstances, such parties agree that the cases can be dealt with jointly by one arbitration tribunal. The
arbitration tribunal shall decide the distribution of costs connected with the arbitration case. The existence of an arbitration case
as well as any ruling made by the arbitration tribunal shall be kept in strict confidence.

 

		14	Acceptance of the terms

 

		14.1	By accepting and signing this Award Agreement electronically, the Participant agrees, accepts and is aware
of the provisions as set forth in this Award Agreement including the Award Details and Vesting Details above.

 

Award
Acceptance

 

	 ̈		I accept, agree and is aware that I will be bound by the terms
and conditions set out in the above Award Agreement including the Award Details.

 

    5

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